Nubox, a small business accounting software developer, has acquired fellow company in the space Colppy.
To support the acquisition, Riverwood Capital, the lead investor into Nubox, made an additional round of funding. This will accelerate integration and fuel expansion outside of Chile and Colombia.
The acquisition will support Nubox, which focuses on the Latin America market, to gain a foothold in Argentina, where Colppy is based.
Nubox is a financial management automation platform that helps entrepreneurs and small businesses to simplify administrative and regulatory requirements. Its services support accounting, payroll and electronic invoicing.
The company enables easy integration of business information with counter-parties such as customers, suppliers, employees, banks, accountants, regulatory agencies, and sources of potential financing, to bring financial management to one place.
Launched in 2012, Colppy is a fellow accounting and administrative solution that aids 1,500 small businesses in Argentina and Colombia. The platform, which is available on smartphones, supports digital accounting, electronic invoice paying, and multi-currency billing.
It is also integrated with Mercado Libre and Mercado Pago, two of the biggest e-commerce and payments platforms in LatAM. Alongside this, it also has partnerships with a number of major banks and POS systems.
As part of the transaction, Colppy co-founders Juan Onetto and Mariano Rizzi, will join Nubox’s management team.
Nubox CEO and co-founder Marcos Mahave Caceres said, “Our goal has always been to help entrepreneurs and small businesses in Latin America become more efficient and profitable by providing solutions specifically designed for the unique needs of the market.
“We are excited to welcome Colppy’s winning team to Nubox as we join forces to continue executing on our shared vision. For us, this transaction represents a big step forward in our regional expansion plans and helps us consolidate our market leading position in Spanish-Speaking Latin America.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
