Contxto – Colombian fintech startup Simetrik recently received a capital injection worth US$1.7 million from Mercado Libre to upgrade its services. Needing a partner to facilitate reconciliations, the Argentine unicorn paired up with the startup to serve as its payment gateway for all Mercado Pago transactions.

As the number of daily transactions will increase from 2.5 million to 10 million, new funds will help Simetrik to develop larger processing capacity.

For co-founder Alejandro Casas, this partnership reflects a new era of reconciliation, meaning the process of ensuring that the money leaving an account matches the actual money spent.

“The market is in need of a new generation of reconciliations and a new generation of technology,” said Alejandro Casas, co-founder of Simetrik. 

Following this milestone, Simetrik will be present in 18 countries where Mercado Pago currently operates. With this development, Simetrik will be responsible for delivering balance on the inflows and outflows of money.

Identifying errors, delays or fraud throughout the transactional volume will be among the other duties for the Colombian team. 

Simetrik and Mercado Pago

Anyone who works in accounting departments can attest to how muddled reconciliations can be. More often than not, time is wasted in understanding where resources lay or how they were used.

In that sense, Simetrik’s fintech software monitors economic movements by not only providing control but visibility through its automation process. 

Automatic reconciliation is available for enterprise resource planning (ERP) and customer relationship management (CRM). This can help a business better understand its processes and impact on customer fulfillment. While the technology is developed in Colombia, it can be used anywhere.

“Everything that we do is from Colombia, but the software and the business model are independent of the country,” said Casas. “That makes the potential market infinite.”

Reconciliation between a company’s database, payment gateway, Excel files, and sales reports are all possible with Simetrik. Besides Mercado Libre, clients include Grow Mobility, Frubana, as well as Addi.