LatamList – FreshBooks, a leading North American accounting software firm, acquired Facturama, a Mexican digital invoice startup, for an undisclosed amount. Freshbooks will now further expand their presence in Latin America, offering improved accounting software for SMEs in the region.
There are currently more than 4 million registered SMEs in Mexico, and 25% of Mexico’s workforce are self-employed. Managing a startup’s finances is essential for survival in the ecosystem.
Facturama provide software for efficient finance management to more than 19,000 SMEs and startups in Latin America. Their software includes systems for invoice handling, tax declaration, and more. Facturama is one of the few providers in Latin America that complies with Mexico’s advanced electronic invoicing and accounting regulations.
Humberto Ramírez López will remain CEO of Facturama, and will also become Managing Director of FreshBooks Mexico.
“In Mexico, 6% of small businesses do not survive past their second year, and it’s largely because of cash flow management issues. Combining Facturamas’ regional expertise with FreshBook’s online payments and scaling expertise will accelerate our ability to better serve Mexico’s growing small business and startup market,” said Mike McDerment, CEO and co-founder of FreshBooks.
With the support of FreshBooks, Facturama’s service will be able to scale and reach greater capabilities in Mexico, where there is great scope for finance technology.
Read more on El Financiero.