Yaydoo secures USD 20.4 mln in Series A round

Joining them in the round were SoftBank’s Latin America Fund and Leap Global Partners.

The co-founders started Yaydoo to provide procurement, accounts payable, and accounts receivables, but in a simpler format so that the collection and payment of B2B transactions was affordable for small businesses. According to TechCrunch, the idea is taking off, and vendors are adding their own customers so that they are all part of the network to better link invoices to purchase orders and then connect to accounts payable.

The new funding will enable the company to attract new hires in Mexico and when the company expands into other Latin American countries. Yaydoo is also looking at future opportunities for its working capital business, like understanding how many invoices customers are setting, the access to actual payments, and how money flows out and in so that it can provide insights on working capital funding gaps. The company will also invest in product development.

Yaydoo is a SaaS subscription model, but the new funding will also enable the company to create a pool of potential customers with a ‘freemium’ offering with the goal of converting those customers into the subscription model as they grow.