The funding will help Higo expand its workforce. Here are the top-line bullets you need to know.
Higo, a B2B payments platform for SMBs, has raised $23M in a Series A. The round drew participation from Accel, Tiger Global Management, and Homebrew, among others.
HOW’S THE COMPANY PERFORMING?
- Mexico City-based Higo’s B2B payments platform helps SMBs automate vendor payments and enhances cash flow visibility by providing a consolidated view of all business-related invoices.
- Since its last funding round 6 months ago, the startup has unveiled a financing product to help businesses increase liquidity via an AP extension.
- The platform has reportedly grown 20x since the start of the year.
- Higo currently has 31 employees.
- The startup currently caters to over 150 businesses that pay out roughly $10M per month to thousands of vendors. Its enterprise client base includes 99minutos.com, Jokr, Benebox, and vinoschidos.mx.
Source: Higo
WHY DOES THE MARKET MATTER?
- The global digital payment market is projected to grow at a CAGR of 19.4% to reach a value of $236.1B by 2028, according to Grand View Research.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting market growth. Moreover, increased investments by banks to enhance digital payment infrastructures and compete with major players like Google, Amazon, and Facebook have further contributed to this expansion.
Want to see more research? Join a demo of the CB Insights platform.
If you’re already a customer, log in here.
