The round, which comes six months after a pre-seed, was led by NXTP and Force Over Mass, with participation from existing investor VentureFriends.

Founded in 2021, São Paulo-based Barte is tackling the working capital management headache suffered by many Latin American SMEs that face low transaction approval rates, manual processes and poor visibility, leading to cash flow constraints.

Its payments platform promises to centralise SME transactions, simplifying complex payment processes and unlocking growth.

After a year in the market, it has built up a customer base exceeding 2000 companies and projects growing more than 10 times in 2023, focussing on specific segments that have more complex payment processes, such as B2B retail, suppliers, and marketplaces.

Raphael Dyxklay, co-founder, Barte, says: "Latin America is experiencing a great window of opportunity in payments. Regulatory advances and open finance are just the tip of the iceberg.

"However, B2B companies with more complex processes than the standard self-service purchasing journey risk being left behind. At Barte, we’re ensuring that this doesn’t happen."