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The startup of these three entrepreneurs raises $ 20.4 million to expand in LatAm

Mexico's Yaydoo offers business-to-business (B2B) payment automation tools.

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This article was translated from our Spanish edition. Opinions expressed by Entrepreneur contributors are their own.

Mexican business-to-business (B2B) payment automation startup Yaydoo announced the closing of a Series A round of $ 20.4 million. This capital raise was co-led by Base10 Partners and monashees , including the participation of SoftBank Latin America Fund and Leap Global Partners . With this injection of capital, Yaydoo will seek to expand throughout Latin America and grow its product portfolio.

Cortesía Yaydoo
Guillermo Treviño, Sergio Almaguer y Roberto Flores de Yaydoo.

Yaydoo, which was founded by entrepreneurs Sergio Almaguer, Roberto Flores and Guillermo Treviño , offers tools that simplify financial workflows between Small and Medium Enterprises ( SMEs ) and large companies by creating a network for payers and suppliers to send and receive money.

“Financial technologies are transforming entire industries and their internal processes; however, financial workflows remain out of date for businesses due to a lack of skilled labor, the absence of easy-to-use and scalable tools, and limited budgets for automation, ”said Sergio Almaguer, co-founder and CEO of Yaydoo. "We simplify business processes by connecting them digitally with an entire ecosystem of financial automation solutions, while helping them have real-time visibility and control of their business and optimizing liquidity by simplifying B2B payments."

Image: Yaydoo

Yaydoo's smart liquidity solutions, such as access to factoring and confirming, help bridge the critical working capital financing gap between SMEs and large companies in Latin America. In the past 12 months, more than 50,000 businesses have transacted on the Yaydoo network as the COVID-19 pandemic increased the demand for digital B2B payments.

Yaydoo plans to accelerate product development, including the recent launch of VendorPlace , an affordable and easy-to-use tool that enables companies to centralize electronic invoicing and receive and issue digital payments, powered by automated reconciliation and simplified access to capital from I work through factoring and confirming.