Why We Invested in Kamino

At Flourish, we partner with founders who pinpoint a broad problem and, in the pursuit of the solution, change their region’s whole ecosystem to better serve their customers. It’s why we first worked with Brazilian entrepreneur Benjamin Gleason on his consumer-focused fintech, Guiabolso, and rejoined him and a fantastic team of co-founders in his next company, Kamino.

Since its founding in late 2021, São Paolo-based Kamino has been building the full-fledged financial operations platform for mid-sized companies, a sector that has been particularly underserved in Brazil. They’re too large for small business tool but too small for legacy enterprise resource management (ERP) platforms and have to deal with highly complex regulatory requirements and fragmented banking landscape.

Kamino’s genesis was less an “aha moment” than a breaking point, Kamino co-founder and CEO Gonzalo Parejo told us. “After years of watching Brazilian and LatAm mid-market companies struggle not just to survive but to grow, all because they lacked a modern financial infrastructure, we decided enough is enough.” They took inspiration from American companies like BILL and Ramp, and tailored their own platform to the country’s mid-market.

And the market has been responding. Kamino serves 2,400 companies, and has an over 3x annual recurring revenue (ARR) year-over-year growth rate, with a clear path to $10 million by the end of next year. We first backed the team in its launch year of 2021, and have joined Quona Capital in co-leading a $10 million Series A with the participation of Endeavor Capital and existing institutional investors.

Meet the Founders, a Team Covering All the Angles

Kamino has a large founding team with a remarkable level of experience suited to the problem they’re tackling.

As mentioned, Benjamin previously helped build Guiabolso, a former Flourish portfolio company acquired by PicPay in 2021, ahead of Kamino. Founded in 2012, the company was a pioneer in bringing Brazilians an aggregated look at their various bank accounts via screen scraping, which was novel at the time. Its traction actually compelled the Central Bank of Brazil to reform data-sharing laws, and over nearly a decade it proved to be a key player in Brazil’s first fintech wave, focused on consumers. Ben is able to bring that experience to help shape the country’s second wave, focused on enterprise.

Gonzalo Parejo’s career has spanned law, real estate, sales, and private equity, and the last decade of it has been marked by acquiring and scaling mid-market companies, only to watch their growth stall due to financial inefficiency. This set of experiences has allowed him to understand what Kamino’s target customer needs to be more efficient, as well as how to scale the business itself.

Guto Fragoso, like Benjamin, was a CFO, forced to manage complex operations in Excel because enterprise resource planning (ERP) solutions—the “source of truth” for companies—were too expensive, slow to implement, and unusable for mid-sized businesses. He essentially would have been Kamino’s ideal customer.

Rodrigo Perenha, a veteran engineer, had previously built one of Latin America’s most robust B2B payment infrastructures at Mercado Livre and knew the difficulty of managing large-scale flows without proprietary rails.

And then Juliana Strohl, a legal and compliance leader, rounds out the team with her knowledge of understanding exactly how evolving regulation in payments, credit, and financial services would reshape the operating environment.

Each founder has left his or her mark on Kamino, and we have also been impressed by senior go-to-market leader Raphael Godoy’s hiring earlier this year, which has led to a scalable, repeatable sales machine that can support post-Series A scale.

Becoming the Financial Operating System for Brazil's Mid-Market

Kamino is redefining how Brazilian finance teams run. From day one, the company embedded its own bank account and corporate card directly into software, while remaining fully bank-agnostic and integrating with existing ERPs and customer relationship management (CRM) platforms through open APIs. This approach makes Kamino the true command center of financial data and cash flows.

Kamino is taking a segmented approach to tailored solutions for Brazil’s largest mid-sized markets: service companies, marketing agencies, and investment advisory services.

Customers use the platform to automate accounts payable and receivable, batch payments, reconciliation, and expense management. On average, clients save 72% of finance team hours and more than $40,000 annually by moving off spreadsheets and into Kamino’s platform. And the adoption is sticky: 87% of all client payment volume now runs directly through Kamino’s bank account.

The following Acqua Vero case study is in Portuguese, but you can turn on English captions with the Closed Captions icon.

Kamino is also using AI to become more dynamic. By consolidating unique data sets across multiple entities, Kamino can use AI to provide real-time insights, forecast cash-flow, and even make proactive recommendations delivered via its pilot assistant, KAI, on WhatsApp. This shift allows CFOs to move from reactive operators to strategic partners in growth.

“Legacy ERPs have reached a breaking point, opening space for new platforms that are not only smarter, but also simpler, cheaper, and faster to implement and operate,” Gonzalo said.

Demos

If you’d like a closer look, the Kamino team shared some demos that give you an idea of what the platform looks like across its suite of solutions:

• Accounts Payable
• Accounts Receivable (not available on mobile)
• Real-Time Reporting

Going Forward With a Two-Pronged Approach

Gonzalo pointed to American companies he sees as models for the two sides of Kamino: spend management players like Ramp and Brex, which are embedding workflows and intelligence directly into financial operations; and ERP challengers such as Rillet, which are rethinking the general ledger from first principles.

“In that sense, our ambition is to leapfrog beyond automation into a true ‘system of action’ for mid-sized companies in Latin America—where the need for AI-driven, API-native financial infrastructure is even more acute,” Gonzalo said.

By giving Brazil’s mid-market companies access to enterprise-grade financial infrastructure, Kamino is leveling the playing field. CFOs who once relied on patchwork spreadsheets now run proactive, data-driven operations. Finance teams gain efficiency, companies unlock growth, and the broader ecosystem benefits from healthier, more resilient mid-sized businesses.

We believe Kamino is building the missing layer of infrastructure that will power the next decade of growth in Latin America’s economy.

With this funding, Kamino will expand its reach, accelerate AI-driven product development, and continue building out its CFO suite with predictive analytics and decision support. We’re excited to partner with Gonzalo, Benjamin, Guto, Rodrigo, Juliana, and the rest of the team as they deliver a true financial OS for Brazil’s mid-market.