Higo recently announced the $3.3 million seed financing that it closed to help move B2B payments in Latin American from spreadsheets and email to modern software and digital payments. It was the opportunity to make B2B payments in Latin American as simple as peer-to-peer payments in the US that led us to lead the seed round in partnership with Susa Ventures, Haystack, J Ventures and several prominent angels.
WHO: Cofounders Rodolfo Corcuera, Juan José Fernández and Daniel Tamayo had experienced the manual and cumbersome process for paying vendors at their previous ventures. So they saw the opportunity to bring their complementary skills in product, operations, growth and design together to build the fastest and easiest way to pay vendors in Latin America.
WHAT: Higo makes it fast and simple for small businesses in Mexico to accurately pay their vendors. The company takes what has traditionally been a very manual and error-prone process and turns it into beautiful software that automates the entire payments process.
HOW: Mexican tax law requires that invoices be recorded digitally so that proper taxes can be collected. Higo takes that available invoicing data and transforms it into intelligence that can then be used to automatically and digitally pay the vendors that small businesses work with. By being the intermediary for B2B tax information Higo provides Mexican small businesses with a real alternative to the traditional way they are used to doing banking and business.
WHY: Small businesses make up more than a quarter of Mexico’s GDP. And those businesses lack visibility into their cash flows and working capital. By providing that information and handling payments in real-time, Higo reduces operational risk for these businesses and ultimately helps them grow. Mexico is the focus for now, but Higo intends to expand throughout Latin American so it can help small businesses throughout the region thrive.
The Higo team is distributed and hiring everywhere. Learn about its open positions and take the opportunity to work at a company rethinking the payments experience in Latin America.