Yaydoo secures $ 20 million, aims to simplify B2B collections and payments – TechCrunch

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It’s no secret that simple business-to-business payment technology has yet to catch up with peer-to-peer technology. Yaydoo I think there is an answer.

Mexico-based B2B software and payment companies offer three products: VendorPlace, With P card PorCobrar, Manage cash flow, optimize access to smart liquidity and connect to the ecosystem of digital tools of small, medium and large companies.

Sergio Almaguer, Guillermo Treviño and Roberto Flores founded Yaydoo in 2017. The name indicates the happiness of doing something with a combination of “yay” and “do”. Today, the company is a partner of Base10 and monashees.

Softbank’s Latin American Fund and Leap Global Partners participated in the cycle. In total, Yaydoo raised $ 21.5 million, Almaguer told TechCrunch.

Before starting the company, Almaguer worked at another company in Mexico. A client at his large company wanted to automate payments, but found the same tool was too expensive for a small business.

The co-founder started Yaidoo to provide purchases, accounts payable and accounts receivable, but in a simpler form so that collecting and paying for B2B transactions is affordable for small businesses.

Image credit: Yaydoo

According to Almaguer, the idea is well underway and suppliers are now part of a network to add their own customers, link invoices to purchase orders and log into accounts payable. Yaydoo estimates that automated workflows, on average, have reduced the time wasted on payment providers by 80%.

Yaydoo is in the booming FinTech industry – The global B2B payments market is valued at $ 120 trillion per year..Last week, the B2B payment platform Nium $ 200 million in Series D Fund a valuation of $ 1 billion. Some of the others who have recently raised funds include Paystand. $ 50 million in Series C Dwolla, Financing to make B2B cashless payments Raise $ 21 million For APIs that allow businesses to create and facilitate fast payments.

New funding will allow the company to attract new hires to Mexico and as the company expands to other Latin American countries. Yaydoo also understands how funds flow and flow to provide information on the number of invoices set by customers, access to actual payments, working capital funding gaps, etc. We are looking at future opportunities for the working capital industry. The company also invests in product development.

The company has grown from 200 in the first quarter of 2020 to more than 800 customers. At the same time, the number of employees has increased from 30 to 100. In the past 12 months, more than 70,000 companies have traded on the Yaydoo network, with total payments reaching hundreds of millions of dollars.

Yaydoo is a SaaS subscription model, but with new funding the company offers a ‘freemium’ service aimed at building a pool of potential customers and turning those customers into a subscription model as they grow. . You can provide it.

Rexhi Dollaku, Partner of Base10 Partners, said B2B payments have been modernized for ease of use by looking at how the Yaydoo team has been “impressed” and how they have built their complex infrastructure.

He believes Latin America is ten years behind in B2B payments, but will sooner or later catch up due to the digital transformation underway in the region.

“We are starting to see the first signs that payment products are creating networks, which is a good sign,” Dollaku said. “The financing allows Yaydoo to offer more financial service options to businesses to fill the real financing gaps. “

Yaydoo secures $ 20 million, aims to simplify B2B collections and payments – TechCrunch Source link Yaydoo secures $ 20 million, aims to simplify B2B collections and payments – TechCrunch


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