Siigo makes the back-office software that small and midsize businesses across Latin America use to send invoices, run payroll, and keep their books straight — the unglamorous but essential tools that keep a company compliant with tax authorities in five different countries. Founded in Colombia in 1988, it now operates across Colombia, Mexico, Ecuador, Peru, and Uruguay.
The company has secured USD $103.5M in financing, with Banco de Occidente — part of Colombian conglomerate Grupo Aval — contributing USD $18.5M and the remainder coming from unnamed international investors. The financing is backed by Siigo's assets in Colombia, Mexico, and Chile.
Siigo said it will use the funds to expand across the region and build new technology products for small and medium-sized businesses, while also using part of the proceeds to prepay existing debt the company held with Goldman Sachs.
