Conta Simples Secures 415m Series B For Expansion
Conta Simples, a Brazilian company specializing in expense management and corporate cards, recently raised $41.5 million (over R$200 million) in a Series B funding round. The round was led by Base10 Partners, with participation from previous Series A investors including Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven, and DOMO. Base10’s managing partner TJ Nahigian also joined Conta’s board following the investment.
The company, led by CEO Rodrigo Tognini and CFO Taeli Klaumann, has experienced significant growth, with 2023 being its most successful year. Conta Simples achieved breakeven and secured a license from the Brazilian Central Bank to operate as a Direct Credit Society, expanding its capabilities in credit, digital accounts, and payments.
Conta Simples boasts 30,000 active users and has issued half a million corporate credit cards, both physical and digital, handling a total payment volume of R$18 billion (approximately $3 billion). The company’s revenue grew almost threefold year over year, leading to a positive margin and the breakeven point.
The company’s expense control technology streamlines processes and offers customized monitoring. In 2022, Conta Simples acquired online advertising startup Hackr Ads for R$121 million (around $24.8 million in today’s dollars), integrating advertising campaign management into its services.
The new funding will be used to expand the team, with around 100 new roles expected to be filled in 2024. Conta Simples is also planning to cater to larger clients while continuing to serve small businesses. The aim is to develop additional features and products for mid-level and small enterprises.
Klaumann highlighted the potential in the expense management market, especially among larger companies globally. The plan is to use the new funding to stay aligned with the Brazilian Central Bank’s innovative initiatives, developing products like buy now, pay later schemes to support businesses of all sizes.
Some Facts
- Series B funding of $41.5 million led by Base10 Partners.
- Achieved breakeven in 2023 and licensed by Brazilian Central Bank.
- 30,000 active users and 500,000 corporate credit cards issued.
- Total payment volume of R$18 billion ($3 billion).
- Acquired Hackr Ads in 2022, integrating ad campaign management.
- Plans for team expansion and targeting larger business clients.
- Developing new features and aligning with Brazilian Central Bank initiatives.
