LatAm List – Contabilizei, an online tax filing and accounting service for Brazilian small businesses received a US$20M investment from Point72 Ventures with participation from the IFC, Quona Capital, Quadrant, and the Fintech Collective. These new investors join previous Contabilizei investors KaszeK Ventures, e.Bricks Ventures, Endeavor Catalyst and Curitiba Angels.
“The investment represents the trust and the opportunity that we have here in the Brazilian market. For quite some time it was difficult to attract this kind of investment from abroad,” says Contabilizei CEO Vitor Torres.
Despite the recession, Torres says that tech companies are growing in the Brazilian startup ecosystem. Contabilizei, in particular, has turned down acquisition offers, keeping its eyes on a potential public offering in U.S. or domestic markets.
The company has 200 employees and more than 10,000 customers throughout Brazil and has helped 5,000 new businesses get their paperwork done around the country.
“In Brazil, one of the greatest frictions for a small company is meeting its tax reporting requirements,” said Pete Casella, head of Fintech & Financial Services Investments at Point72 Ventures. “By building an automated tax accounting service that can deliver services at a fraction of the cost of a traditional accountant, we believe that Contabilizei has established the high trust relationships that will enable it to serve customers in many new ways over the coming years.”