Business

Contabilizei raises a Softbank-led round of $60 million

According to the founder and CEO Vitor Torres, part of the new resources will go to acquisitions. Eyeing an IPO, the online accounting platform wants to expand its portfolio to fintech-like and management solutions.

Vitor Torres, CEO and founder of Contabilizei. Photo: Contabilize/Courtesy

Reuters

10.Mar.2022 11:52 BRT
UPDATED 12:08 BRT

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The Brazilian online accounting platform Contabilizei announced this Thursday (10) that it received a $60 millionround led by Softbank and followed by Goldman Sachs and Pruven Capital, who are now part of the company’s investors, which already includes Kaszek, Point 72, Quona, the World Bank (IFC) and Igah Ventures.

Created in 2013 in Curitiba, Southern Brazil, the startup provides accounting services to small and medium companies with annual revenue of up to BRL 4.8 million and helps them deal with tax bureaucracy.

According to the founder and CEO Vitor Torres, social isolation and the economic crisis resulting from the COVID-19 pandemic have increased the startup‘s demand, selling monthly plans ranging from BRL 96 to BRL 349.

With the increase in the relationship with customers, we realized that there was room to expand the offer of services, such as bank accounts, billing, accounts payable, and even health plans
Vitor Torres, founder and CEO at Contabilizei.

The new funding comes about 14 months after Contabilizei received another round, also led by Softbank, of an undisclosed amount, to invest in the provision of accounts payable and payroll services.

According to the executive, part of the new resources should go to acquisitions.

“The investment will also be used to the team expansion,” said Torres. Contabilizei currently has around 900 employees. This number is expected to rise to more than 1,300 by the end of 2022.

“The opportunity that lies on helping small Brazilian entrepreneurs is gigantic. And we see in Contabilizei the company best prepared to offer the support service that these entrepreneurs need, having the ability to grow while maintaining excellence in customer service,” said Carlos Medeiros, partner at SoftBank, in a press release.

The company, which claims to have more than 30,000 customers, distributed in more than 60 Brazilian cities, has also recently opened physical units, with stores in shopping malls in São Paulo and Rio de Janeiro. Another six are due to open in 2022, in cities including Curitiba (PR) and Belo Horizonte (MG).

Torres declined to reveal how much the company was valued with this latest investment. He added, however, that Contabilizei plans to be a listed company in the coming years.

Translated by LABS