26 Jul 2026 3 min read Western Hemisphere

Colombia's Siigo Raises $103.5 Million as Banks and Global Investors Back SME Software Push

David Ortiz, CEO of the Company.

Siigo, the Colombian enterprise software company that serves small and mid-sized businesses across Latin America, has secured a $103.5 million multicurrency credit facility to strengthen its balance sheet and support its regional expansion plans. The financing was structured in Colombian pesos, Mexican pesos, and U.S. dollars and led by BTG Pactual Colombia, with participation from BBVA Mexico, BBVA Colombia, Itaú Colombia, and Banco de Occidente, a subsidiary of Grupo Aval. Banco de Occidente contributed $18.5 million to the deal, according to the bank.

Founded in 1988 and led by CEO David Ortiz, Siigo builds cloud-based accounting, electronic invoicing, payroll, and business-management software for small and medium enterprises. It operates in Colombia, Mexico, Ecuador, Peru, and Uruguay, and is backed by U.S. private equity firm Accel-KKR, which first invested in the company in 2017. Part of the proceeds will go toward prepaying existing debt held with Goldman Sachs, secured against Siigo assets in Colombia, Mexico, and Chile, while the remainder is earmarked to shore up liquidity and fund new technology development for SME customers.

Market Context

Siigo has grown largely through acquisitions since Accel-KKR's initial backing, including its 2022 purchase of Mexican ERP provider Aspel, which pushed its regional SME customer base past 1.2 million, and last year's acquisition of Chilean platform Kame for $6 million. A refinancing of this scale — coordinated across four banks and multiple currencies — reflects both the operational complexity of running a multi-country SME software business and the growing appetite of Latin American banks to structure cross-border credit for regional tech platforms, rather than leaving that financing entirely to U.S. private credit or investment banks like Goldman Sachs.

The deal also lands in a broader Latin American fintech and enterprise-software market where SME-focused platforms remain a priority for both banks and private equity, given the segment's historically limited access to formal credit and digital tools across the region.

What Stands Out

"This transaction reflects our confidence in companies that are transforming how organizations manage their businesses. Supporting innovative companies like Siigo contributes not only to their growth but also to the strengthening of thousands of SMEs that see technology as a key tool to become more competitive." — Carlos Andrés Echeverri, Corporate Vice President, Banco de Occidente.

Regional Relevance

For the United States: Accel-KKR, the Silicon Valley-based private equity firm that has backed Siigo since 2017, remains the company's controlling shareholder, meaning a U.S. investment firm's Latin American SME-software bet just got a fresh capital structure and reduced reliance on a single U.S. lender, Goldman Sachs. The deal is also a data point for how U.S.-based sponsors are increasingly turning to regional banks rather than New York credit desks to refinance Latin American portfolio companies, a shift with implications for how U.S. private equity manages leverage across its emerging-market holdings.

For Colombia and Latin America: The transaction signals that Colombian and regional banks — BTG Pactual, BBVA, Itaú, and Banco de Occidente — are willing to underwrite sizable, multicurrency, cross-border credit facilities for a homegrown enterprise software company, rather than ceding that role entirely to global institutions. For Colombia's fintech and enterprise-tech sector, it reinforces Bogotá's position as a base for regionally scaled SME software providers, and for the millions of small businesses across the five countries Siigo serves, continued capital inflow supports further product investment in tools tied to tax compliance, invoicing, and formal credit access.

The Other Side

Is this really "growth financing," or mostly a debt refinancing? Reporting on the banking side indicates a meaningful share of the proceeds will prepay existing Goldman Sachs debt rather than fund new expansion outright — a detail not emphasized in the company-facing narrative. Investors and competitors should watch whether Siigo discloses concrete uses of the remaining capital for product or M&A.

Does a four-bank syndicate signal strength or caution? Spreading $103.5 million across BTG Pactual, two BBVA units, Itaú, and Banco de Occidente can reflect strong market confidence, but it can also reflect lenders limiting individual exposure to a private-equity-backed borrower carrying secured obligations across three countries.

Will continued reliance on acquisitions (Aspel, Kame) keep paying off? Siigo's growth strategy has leaned heavily on buying regional competitors. Whether this financing supports further consolidation or simply stabilizes the balance sheet will shape whether Siigo is positioning for another acquisition cycle or pausing to integrate what it already owns.