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Mexican FinTech Yaydoo Closes $20M Series A

Mexico City-based B2B software and payments company Yaydoo closed a $20.4 million Series A funding round Monday.

The company said the new funding will let it grow its team in Mexico and, once it expands, allow the company to hire staff in Latin America.

Read more: Yaydoo secures $20M, aims to simplify B2B collections, payments

“Yaydoo is also looking at future opportunities for its working capital business, like understanding how many invoices customers are setting, the access to actual payments, and how money flows out and in so that it can provide insights on working capital funding gaps,” the company said in a news release, adding it will also invest in product development.

Founded in 2017, Yaydoo provides three products — VendorPlace, P-Card and PorCobrar — to control cash flow, optimize access to smart liquidities and connect businesses of all sizes “to an ecosystem of digital tools,” per TechCrunch.

Co-Founders Sergio Almaguer, Guillermo Treviño and Roberto Flores Riveroll said they launched Yaydoo to provide “a simpler format” for procurement, accounts payable (AP) and accounts receivables (AR) so that smaller businesses could afford collection and payment of B2B transactions.

The funding round was led by Base10 Partners and monashees. SoftBank Latin America Fund and Leap Global Partners also participated. Yaydoo has raised $21.5 million in total, Almaguer told TechCrunch.

“Yaydoo is joining a sector of fintech that is heating up — the global B2B payments market is valued at $120 trillion annually,” per a TechCrunch article. “Last week, B2B payments platform Nium announced a $200 million in Series D funding on a $1 billion valuation.”

Related news: LatAm’s Xepelin Debuts SMB Lending, Revenue Service

Yaydoo’s announcement comes one day after another Latin American FinTech — Xepelin out of Chile — announced it had raised $30 million in equity and another $200 million in credit facilities.

Xepelin has provided upwards of $250 million in financing to 3,200 clients since its founding two years ago. Customers use the service to access software that lets them organize information like cash flow, revenue, sales and taxes.

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