Brazil’s Conta Simples plots product expansion following $41.5m Series B
Brazilian fintech Conta Simples has revealed its plans for product enhancements having raised $41.5 million in a Series B funding round.
Conta Simples raises $41.5 Series B funding
The round was led by existing investor Base10 Partners and will allow the fintech to further develop its corporate card platform and expense management services.
Base10 Partners has also installed TJ Nahigian, its co-founder and managing partner, as a member of the Conta Simples board.
The new cash injection follows a $24 million Series A in December 2021, which was co-led by Jam Fund and Valor Capital with additional participation from Big Bets and Y Combinator. All four of these firms contributed to the Series B round as well, this time joined by new participants Broadhaven and DOMO.
In a translated post on the company’s website, CFO Taeli Klaumann says Conta Simples is focused on using the funding to “drive the business forward” and “explore new growth” through new features like receivables, financing and buy now, pay later (BNPL).
Founded in 2018 and based in São Paulo, the fintech says it broke-even at the end of 2023, supported by a processed transaction volume (TPV) of $3.7 billion. It was authorised as a Direct Credit Society by the Central Bank of Brazil in September, which enabled it to further expand its credit products.
Rodrigo Tognini, CEO and co-founder of Conta Simples, says the Series B will provide a “wider range of opportunities to launch products” and enable the company to implement “significant improvements in all the services we offer, with the optimisation of the usability of our platform”.
