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Brazilian corporate card startup Conta Simples raises $41.5M

Illustration of the Brazilian flag altered so the yellow diamond is shaped like an upward trend line

Illustration: Annelise Capossela/Axios

Conta Simples, a Brazilian expense management and corporate card startup, raised $41.5 million in Series B funding led by Base10 Partners.

Why it matters: Though the corporate card sector is crowded in the U.S., investors still see an opportunity to back expense management startups in Latin America.

By the numbers: Conta Simples claims it has 30,000 active users and has issued 500,000 physical and digital corporate credit cards to date.

  • The startup says it has processed a total payment volume of R$18 billion (~$3T) and reached break-even status in 2023.

Between the lines: Conta Simples recently obtained a Direct Credit Society license from Brazil's Central Bank, which will allow it to operate as a limited type of national bank charter.

  • With the license, it can begin offering financing, credit rights, and buy now, pay later products to its customers.

Of note: Existing investors Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven and DOMO also joined the round.

State of play: In December, Mexico-based financial accounting platform Kapital raised $40 million in Series B funding led by Tribe Capital.

  • Last April, Brazilian spend management firm Clara raised $60 million in new funding led by GGV Capital.
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