SaaS fintech SUMA raises follow-on investment for regional expansion

LatamList – SUMA, a SaaS fintech, raised a follow-on investment from Riverwood Capital. The firm invested in the company previously in 2016.

SUMA is a financial management platform that supports SMEs in Latin America. SUMA simplifies and automates financial tasks such as accounting, payroll, and invoicing to help startups maintain their daily operations.

“The need for financial management solutions in the cloud has become more pronounced as companies shift to remote work,” said Matt Cole, CEO of SUMA. “With Riverwood’s continued support, SUMA is consolidating its leading position in Latin America, which is home to more than 10 million SMEs.”

The platform is easily integrated into a startups’ software and includes solutions for financial planning, cash-flow visibility, tax calculations, payroll, billing, and e-commerce integrations.

“We believe SUMA can play an important role in shaping the economy of hundreds of thousands of SMEs across most sectors in the economy,” said Francisco Alvarez-Demalde, co-founder of Riverwood Capital.

The new funding will accelerate SUMA’s growth across sales, marketing, research and development. The platform is also planning regional expansion with new acquisitions to add to its portfolio: Nubox in Chile, Bind ERP in Mexico, and Colppy in Argentina.