Siigo, the Colombian business software company founded in 1988 by Ricardo Ortiz and Fernando Rebellón, secured financing for US$103.5 million to strengthen its financial structure and support its expansion plan in Latin America.
Banco de Oeste, one of the Aval Group entities, participated in the operation with a contribution of US$18.5 million, along with international investors. The company, today led by David Ortiz, was born with just five clients and became a benchmark for accounting and administrative software for SMEs in the region with more than 300,000 users.
Siigo offers electronic invoicing, accounting, payroll and administrative management tools, and has a presence in Colombia, Mexico, Ecuador, Peru and Uruguay. The company was a pioneer in receiving foreign investment in technology in Colombia, which allowed it to scale from local software to a regional platform with more than 2,300 employees.
Structured financing to scale
The resources will be used to optimize Siigo’s liquidity position, strengthen its financial structure and accelerate the development of new technological solutions aimed at small and medium-sized companies. The operation is part of the company’s regional growth strategy and involves structured financing mechanisms, a modality that brings together multiple financial actors to fund larger-scale projects.
“This operation reflects our confidence in companies that are transforming the way organizations manage their businesses. Promoting innovative companies like Siigo contributes not only to their growth, but also to the strengthening of thousands of SMEs that find technology a key tool to be more competitive,” said Carlos Andrés Echeverri, vice president of Companies at Banco de Occidente.
More than three decades digitizing SMEs in the region
Since its inception, Siigo has opted to bring accounting and administrative technology to sectors that historically lacked accessible digital tools. Today, more than three decades later, the company is the leader in its category in Colombia and continues to grow in markets such as Mexico and Ecuador, where it arrived thanks to the acquisition of Contífico in 2020.
The operation not only reinforces Siigo’s ability to compete in the region, but also reflects the growing interest of institutional capital in technology companies that solve structural digitalization problems for SMEs, the sector that concentrates most of the employment and economic activity in Latin America.
