Conta Simples pulls in $24m Series A

Conta Simples, a Brazilian all-in-one financial platform that offers business accounts, corporate cards and spend management software to digital businesses, has raised $24 million in Series A funding.

Conta Simples, a Brazilian all-in-one financial platform that offers business accounts, corporate cards and spend management software to digital businesses, has raised $24 million in Series A funding. JAM Fund and Valor Capital led the round.

PRESS RELEASE

SÃO PAULO, December 16, 2021 – Conta Simples, a Brazilian all-in-one financial platform that offers business accounts, corporate cards and spend management software to digital businesses, announced today that it has raised a $24 million Series A funding round. Justin Mateen’s VC arm JAM Fund and Valor Capital co-led the investment, with special participation of Base10 Partners. The existing investors Y Combinator, Quartz and Big Bets also participated in the round.
“We were only planning to raise a Series A in early 2022, but the investment came at a time of opportunity. We grew more than expected this year, which caught the attention of investors and made us anticipate the round,” said co-founder and CEO of Conta Simples, Rodrigo Tognini.

It all started when Internet entrepreneur and Tinder founder Justin Mateen made a smaller investment to get to know Conta Simples. He soon understood the potential of the business and preempted the round so it could grow faster.
“Conta Simples is well positioned to capitalize on necessary changes to the corporate banking space in Brazil as the team has a deep understanding of both the local culture, and the intricate regulatory environment. I am excited to help support the Conta Simples team as they continue to gain market share and disrupt traditional banking institutions,” said Mateen, who was ranked the number 1 early stage investor in the US and has backed many different financial platforms around the world, such as Brex.

Large Brazilian startups and companies including Swile Brasil, Justos, Livus, IDWALL, and Mottu are using Conta Simples solutions in order to organize business’ finances by issuing multiple corporate cards used in payments, purchases, software subscriptions, etc. — and analyzing all transactions in real time. Without Conta Simples, digital entrepreneurs and financial managers are left with low credit limits and the complexity of banking services in Brazil.

The São Paulo-based startup expects to have a transaction volume of 6 billion reais — over 1.9 billion USD — by the end of December. The year 2022 is expected to be another great year for fintech; GMV is expected to triple and Conta Simples is working to get their financial institution license, authorized by the Central Bank, to offer credit, loans and financing.

“I’ve been keeping up with Conta Simples’ growth since it’s very start and I am glad to be a part of this next big chapter”, said Operating Partner at Valor Capital Group Mario Mello. “Conta Simples is powering a new generation of entrepreneurs and venture-funded startups in Brazil with its business-focused debit cards,” noted Chris Zeoli, Principal at Base10 Partners. “The company has over 35,000 merchants and a stronghold with venture-funded startups as well as ecommerce stores. We’re excited about powering a new generation of founders through this partnership with Conta Simples.”

The capital will be used to unlock the potential and efficiency of companies’ finance teams, invest in an acquisition strategy, and launch new financial products, such as credit.

About Conta Simples
Conta Simples is one of Brazil’s top financial services, offering a platform for corporate cards and business accounts in order to simplify spend management for companies. Fintech optimizes day-to-day financial processes for fast-growing enterprises that need agile solutions.