FreshBooks recently welcomed Mexican-based Facturama to the family. Here’s everything you need to know about how both plan to serve the Mexican small business market together.
¡Bienvenido a la familia Facturama!
We’re excited to share that in September 2020, FreshBooks acquired Facturama, a Mexican-based electronic invoicing and accounting software platform headquartered in San Luis Potosí that serves thousands of Mexican business owners. It’s been an exciting journey for all involved.
It’s no surprise that Mexico was FreshBooks’ top expansion priority. With thousands of customers in 25+ countries across Latin America and the Caribbean, FreshBooks’ Mexican footprint is currently the largest. According to FreshBooks CEO Mike McDerment:
“Combining Facturama’s regional expertise with FreshBooks’ online payments and scaling expertise will accelerate our ability to better serve Mexico’s growing small business and startup market.”
Facturama: What You Need to Know
Facturama was founded in 2012 by CEO and co-founder, Humberto Ramirez-López and co-founder and COO, Martin Arochi. The founders knew there had to be a better way to get paid than sending printed invoices by traditional mail. It could take days for an invoice to arrive at its destination, not to mention exorbitant shipping fee costs that could be as high as 50% of the total sale.
Timing couldn’t have lined up better with the SAT (Mexico’s Tax Administration Service) 2012 announcement of a move to electronic invoicing services for all businesses operating in Mexico. Thanks to the new regulation, electronic invoicing became an essential business service overnight. It couldn’t be better news for a budding start-up already offering these online services.
Fast forward almost a decade and Facturama has become one of the leading companies of electronic invoicing software for Mexico. It’s one of the few software providers in the region that is compliant with Mexico’s advanced electronic and accounting regulations. They support over 21,000 self-employed professionals, small business owners, and start-ups by offering:
- Online invoicing
- Payroll management
- Comprehensive reports
- Accounting and tax services
- Invoicing API integration
- Purpose-built invoicing service integrations for popular e-commerce platforms like Shopify, Wix, WooCommerce, and Eposnow.
FreshBooks and Facturama: Working Together to Support Mexican Small Business Owners
Entrepreneurship is rooted in the Mexican culture, with nearly 25% of Mexico’s workforce identifying as self-employed. But one of the main reasons why 65% of small businesses do not survive past their second year, is because of poor cash flow management. It’s why having access to a full suite of online billing services and accounting software is so important in helping Mexican businesses survive and thrive.
For the foreseeable future, Facturama will continue to serve its customers under the same name and offering. However, the team will sit under FreshBooks with Ramirez-López remaining as CEO of Facturama, in addition to becoming Managing Director of FreshBooks Mexico. He and his team are excited to be spearheading further expansion in the Mexican region:
“[The acquisition] is a great milestone in the Facturama journey because we’ll have many more resources to support our customers and employees. We’re incredibly excited about the opportunity to work under FreshBooks’ global brand and deliver our software and services at an entirely new scale.”