The fresh capital will support Checkout.com’s growth strategy for the US market. Credit: Visual Stories || Micheile on Unsplash.

Mexican B2B software and payments firm Yaydoo has reportedly raised $20.4m in a Series A funding round.

This takes the total capital raised by the firm to $21.5m, reported TechCrunch.

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The latest funding round was co-led by Base10 Partners and monashees with participation from SoftBank’s Latin America Fund and Leap Global Partners.

Founded in 2017 by Sergio Almaguer, Guillermo Treviño and Roberto Flores, Yaydoo aims to simplify the collection and payment of B2B transactions for small businesses by offering procurement, accounts payable and accounts receivables.

Its solutions, VendorPlace, P-Card and PorCobrar, have been designed to manage cash flow, enhance access to smart liquidity, and connect small, midsize and large businesses to an ecosystem of digital tools.

Yaydoo co-founder and CEO Sergio Almaguer said: “We simplify business processes by connecting them digitally with an entire ecosystem of financial automation solutions, while helping them have real-time visibility and control of their business and optimising liquidity by simplifying B2B payments.”

The fresh capital will enable Yaydoo to grow its team in Mexico and accelerate its product development.

Additionally, the firm plans to hire employees in Latin American countries as part of its expansion strategy.

Yaydoo leverages the SaaS subscription model. With the new capital, the firm intends to create a pool of potential customers with a free premium offering.

It plans to convert these customers into the subscription model as they grow.

Over 50,000 businesses have transacted on the Yaydoo network in the last 12 months. The firm is currently said to have 800 customers and 100 employees.