Flexio, a fintech company that offers financial services for companies, raised US$3 million in a seed round led by Soma Capital, a fund specialized in B2B companies. This is Flexio’s second fundraising, the first was in August just last year.
Soma Capital, Latitud Fund, Omri Mor, Daniel Kahn, Diego Oppenheimer and some Y Combinator alumni also participated in this new round.
How Does Flexio Work?
In Mexico, all business to business (B2B) payments must be documented. This is a situation that for many is tedious and with a large margin for error. Flexio reported that in 2020 alone, 9 billion invoices were processed and that companies spend hours to do so.
Faced with this situation, Flexio is looking to automate. “Traditional processes are inefficient and arduous, preventing timely payments and consuming valuable employee resources, while negatively affecting cash flow management,” said Nathan Schorr, CEO of Flexio, in a statement.
To this end, the Mexican startup offers to automate accounts receivable and payable for small and medium-sized enterprises (SMEs). In this way, Flexio handles payments, communication and integration with enterprise resource planning systems and accounting software.
The company can accomplish the above with a platform described as simple cash flow analysis, bank account integration and process automation.
Thus, they will use the new round to strengthen their operations in their country of origin and then move on to other Latin American countries.
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