LatamList – Iugu, a Brazilian fintech, raised a $22M (R$120M) Series A led by Goldman Sachs. Other investors include Indicator Capital and Fabio Povoa, co-founder of iFood and Movile.
Iugu is a finance automation and payments platform for SMEs in Brazil. The platform allows businesses to save time on account management, invoices, and bill payments through signature management software and an automated platform for collections and accounts receivable.
“What initially drew us to iugu was its impressive payments platform,” said Cristiano Camargo, Director of the Merchant Banking Division at Goldman Sachs in Brazil.
The startup currently includes companies such as ContaAzul, a fintech, and Ingresse, a ticketing platform, among its clients. Iugu is a B2B white label company, adapting its software to suit the needs of each individual SME, from business transactions to online marketplaces.
“[..] as we moved forward in our understanding of its value proposition, we realized that the company’s success is driven by its core for solving problems for customers, rather than simply acting as a payment methods provider,” Camargo continued.
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