Contxto – Accountants at Brazilian, Accountfy, recently added US$6.5 million onto the startup’s “assets” column in its balance sheet. The Brazilian SaaS platform recently closed an equity round for this amount and made the announcement today.
Accountfy will direct funds towards R&D so as to accelerate the launch of new features. It also has expansion plans in mind. Thanks to its equity round, the fintech hopes to not only consolidate its foothold in Brazil and Latam, but expand into North America and Europe as well.
CFOs can count on Accountfy
Accountants are constantly balancing books and keeping tabs on incomes and expenses. That usually leaves little time to analyze what the numbers even mean. Accountfy’s SaaS (software as a service) platform takes away all these repetitive tasks so teams can focus on what’s really important: The company’s financial health.
Through Accountfy, staff can merely upload the ledger onto the platform and it generates the financial statements CFOs need to make data-driven decisions. Likewise it can build forecasts and prepare presentations. Given the case a company needs additional help, the startup also offers consulting services.
- Related article: Brazil’s Nucont raises US$1.1 million for its accounting technology
Challenges for SaaS platforms like Accountfy’s
Some industry needs are very context-specific. For example, a platform that helps lawyers in Brazil will require some serious adjusting if it were to launch in the United States because procedures vary. Healthtech SaaS products may face a similar challenge as regulations vary from one country to another.
But when it comes to accounting—it’s pretty much the same everywhere. Excel spreadsheets, incomes, expenses, and so on.
This gives Accountfy a big advantage to scale globally. It currently operates in its native Brazil, Mexico, Uruguay, Chile, and Colombia. Now with its recent investment, undoubtedly more countries will be added to the list.
Related articles: Tech and startups from Brazil!