Colombia’s Siigo Raises US$103.5 Million to Fund Regional Expansion
Company News · Colombia
Key Facts
—The round. Siigo secured US$103.5 million in new financing to support regional growth.
—A local anchor. Banco de Occidente, part of Grupo Aval, contributed US$18.5 million, alongside international investors.
—The business. Founded in 1988, Siigo builds SME software for electronic invoicing, accounting, payroll and administration.
—The footprint. It operates in Colombia, Mexico, Ecuador, Peru and Uruguay, led by CEO David Ortiz.
—The plan. Proceeds will fund regional expansion and new products for small and mid-sized firms.
Siigo, a Colombian business-software maker for small companies, has raised US$103.5 million to fund its expansion across Latin America and build new tools for the region’s small and mid-sized businesses.
A Colombian SaaS Champion Doubles Down
Siigo has spent nearly four decades digitizing the back office of Latin American small businesses. The US$103.5 million round is fresh fuel for a company betting on the region’s long tail of SMEs.
Its software handles the unglamorous but essential work of invoicing, accounting and payroll. As governments mandate electronic invoicing, that positioning has become increasingly valuable.
Who Is Backing the Round
Banco de Occidente, part of Colombia’s Grupo Aval, put in US$18.5 million, joined by international investors. The local bank’s involvement highlights domestic confidence in the franchise.
Siigo has previously drawn growth capital from Accel-KKR and expanded by acquisition, including Aspel in Mexico. The new money extends that regional playbook.
Five Markets and Counting
The company operates across Colombia, Mexico, Ecuador, Peru and Uruguay under CEO David Ortiz. That spread gives it scale in a fragmented market of national accounting rules.
The funding is earmarked for deeper penetration in those markets and new products. Electronic-invoicing mandates across the region provide a built-in tailwind.
The Regional Read-Through
For investors, Siigo is a rare late-stage Colombian software story with real regional reach. Its raise signals continued appetite for LatAm B2B software even in a selective funding climate.
For the region’s small businesses, better tools lower the cost of formalization and compliance. That, in turn, supports the broader push to bring more of the economy onto the books.
Frequently Asked Questions
How much did Siigo raise?
Siigo raised US$103.5 million, with Banco de Occidente (part of Grupo Aval) contributing US$18.5 million alongside international investors.
What does Siigo do?
Founded in 1988, Siigo makes software for small and mid-sized businesses, including electronic invoicing, accounting, payroll and administrative tools.
Where does Siigo operate?
Siigo operates in Colombia, Mexico, Ecuador, Peru and Uruguay, and will use the new funding to expand further across the region.
Sources
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Sources: Banco de Occidente; Grupo Aval; David Ortiz.
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