Empowering Latin American SMBs with world-class SaaS platforms
In this episode of the Tekpon SaaS Podcast, host Cristian Dina welcomes Matt Cole, the CEO of SUMA, Latin America’s leading provider of SaaS for small businesses. The discussion delves into various elements of SUMA’s business model, its impact on Latin American SMBs, and Matt’s entrepreneurial journey.
Matt Cole founded SUMA as a joint venture with Riverwood Capital, aiming to address the significant opportunity presented by many small businesses in Latin America operating with manual processes and fragmented software systems. SUMA operates in Mexico, Chile, and Argentina, offering SaaS solutions to help companies gain more control over their finances, enhance visibility, make better data-driven decisions, and improve efficiency and productivity.
SUMA’s core features include electronic invoicing, accounting and tax software, payroll calculation, and liquidation services. Their pricing model starts at $25 per month with no long-term contracts, making world-class services accessible to small businesses of all sizes.
Matt also discusses SUMA’s growth strategy, notably its approach to expansion through acquisitions. By acquiring established companies in other Latin American countries, SUMA aims to consolidate its position and build a regional network of best-in-class players.
As they explore the challenges and successes of SUMA’s journey, Matt emphasizes the importance of staying close to the market and constantly evolving to remain slightly ahead of customer demands. He discusses the significance of customer referrals and word of mouth, highlighting their most successful strategy for acquiring new customers.
Moreover, Matt shares insights into the company’s future vision, expressing a grand aspiration to empower over 1 million small businesses in Latin America with simple yet powerful software. His journey is marked by a commitment to entrepreneurship and a deep-rooted passion for making people successful, stemming from his experiences at investment banks in New York and his love for Latin America.
The episode concludes with Matt offering advice to budding entrepreneurs, emphasizing the need for patience, adaptability, and a personal connection to the problems they aim to solve. He also encourages supporting local small businesses, stressing their essential role in creating vibrant economies and communities.
Overall, the episode provides an insightful and inspiring look into the world of SaaS in Latin America, offering valuable lessons and perspectives for entrepreneurs, business leaders, and individuals passionate about innovation and supporting small businesses.
