ContaAzul, the leading provider of easy-to-use SaaS accounting and invoicing solutions to SMBs in Brazil, today announced it has raised a Series B round of financing.

Series-A backer Ribbit Capital, a venture capital firm focused on the financial services industry, led the investment round, with participation from Valar Ventures and existing investors Monashees Capital and Napkn Ventures.

ContaAzul plans to use the new capital to accelerate the growth of its accounting and invoicing platform, including the development of an ecosystem of partners whose solutions will be integrated into ContaAzul products. The Company will also use the funding to continue to expand its team, with particular focus on the engineering and product groups.

ContaAzul was founded in 2011 by entrepreneurs VinÃ-cius Roveda, João Zaratine and José Carlos Sardagna to help small business owners in Brazil - the world's fastest-growing small business market - save time to focus their efforts and resources on growing their businesses. ContaAzul's cloud-based accounting platform enables SMBs to simply and effortlessly track transactions, manage sales and inventory and create reports on financial performance. In addition, ContaAzul's direct integration with government services and bank portals allows business owners to painlessly create and issue government-standardized invoices.

'In less than two years, ContaAzul has established itself as the leading provider of accounting and invoicing solutions for Brazilian SMBs. By the end of 2013, we will have served over 180,000 small businesses. This new funding will enable us to continue this exponential growth by accelerating new product development and expanding our engineering and product teams,' said VinÃ-cius Roveda, founder and CEO of ContaAzul. 'We look forward to working with our world-class investment partners to continue to expand our platform and capitalize on the massive market opportunity in Brazil.'

'ContaAzul has quickly become a trusted partner to thousands of SMBs through its simple and efficient solutions, which are transforming the way small businesses operate in Brazil. Its robust platform provides entrepreneurs with the caliber of time-saving tools and resources typically only available to large organizations,' said Micky Malka, founder and General Partner of Ribbit Capital. 'We have great confidence in VinÃ-cius and his talented team and look forward to ContaAzul's bright future ahead.'