Konvex Created the First Universal API that Integrates Different ERPs in Latin America

The fintech company Konvex has a presence in Colombia, Mexico and the United States, and has achieved more than 500,000 transactions in accounting reconciliations in nine integrations that have a global market spectrum.

In the era of business digitalization, the implementation of enterprise resource planning (ERP) systems has emerged as a fundamental pillar for the success and efficiency of organizations. These systems not only consolidate information on a single platform, but also integrate all business operations, providing a complete, real-time view of the company’s situation.

Although there is a wide range of ERP software or accounting systems in the market, each one contributes to the growth of organizations. However, for many companies, including SMEs, which make up 99% of the supply in the country, managing multiple ERP systems has become a complex and expensive challenge.

According to a Gartner study, 41% of SMEs say they would not consider a product that does not integrate with their accounting or ERP software. To avoid this problem, Konvex was born, a Colombian fintech with a presence in Colombia, Mexico and the United States, which created the first application programming interface that integrates more than 10 ERPs into a single API (Universal API) in Latin America, which facilitates that companies can integrate accounting and ERP systems from a single access point.

“At Konvex we want fintech and technology companies to be able to easily integrate their services with different ERP and accounting systems using our Universal API, all acting under the form of white label. This saves them extra costs on complex integrations and saves their clients time having to do a manual synchronization in their ERPs. Furthermore, by offering our solution, companies can increase the value proposition of their current products,” explained Joan Rodríguez, CEO of Konvex.

According to Rodríguez, “when companies acquire a provider, whether it is a payment gateway or treasury management platform, they expect it to have integration with their accounting. “They don’t want to have multiple solutions, but everything in one place and that is the headache we avoid.”

That is why Konvex API integrates different ERPs such as Siigo, Alegra, SAP, Oracle Netsuite, Quickbooks, Microsoft 365 and Shopify, among others, in one place, so that companies and fintechs that use the services become providers of business reconciliation. invoices and digital transactions automatically. Likewise, thanks to the Konvex solution, these accounting and ERP systems, which are the largest in Colombia, will be available from a single platform, without the need for additional integration.

“With some APIs, for example Netsuite, that are so complex due to their wide variety of modules, clients prefer to work with us because we simplify all their needs from one place. What we do is be a provider that has everything companies need and with our solution we have saved 80% of time and costs in integrations for organizations that have trusted us. From the first moment our clients integrate their product with Konvex, they can automatically offer all ERP integrations and accounting systems to their clients,” said Rodríguez.

The Konvex API offers numerous benefits so that companies and startups can take advantage of their time and effort in more strategic and innovative activities for their business. Furthermore, by automating the integration process, you significantly reduce the risk of human error, ensuring greater accuracy in financial operations. It also saves costs by eliminating the need to pay for additional cloud servers, maintain multiple APIs, and study documentation, thus optimizing available resources.

What has been the role of Konvex in Colombia?

Since joining the 500 Startups investment fund in 2023, Konvex has impacted around 50 companies, from startups to some larger ones that have been in the market for more than 30 years. In Colombia, fintech is in collaboration with important companies in the sector such as Finaktiva, Vaas, Milio, Payments Way, among others.

Likewise, Konvex has enabled companies to save 30% on the cost of bank reconciliations and 40% on server and storage costs. Likewise, with its solution more than 500,000 API calls have been made, being a pioneer in the Openfinance industry in Latin America. In October 2023, the company raised more than $700,000 in a pre-seed funding round. With these funds, the startup aims to achieve annual growth of more than $1 million in sales and expand to more than 10 countries around the world thanks to its global integrations.

Konvex’s focus is directly between several of its applications to the financial management software used by SMEs in Latin America and the plan is to be able to integrate the most important ERPs in the world. “Our mission is to provide security and reliability to attract companies and make them count on us as allies.

Although we are in an initial stage of operation, we hope to continue strengthening ourselves to position ourselves in more countries.” So that more companies can know the potential of Konvex, the fintech company offers a free level of 1,500 API Calls per month and also its PRO version that has personalized plans for clients with large volumes of transactions.

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(Featured image by Firmbee via Pixabay)

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First published in LA NOTA ECONOMICA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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