Why We Invested in BHub

For more than a decade, one truth has consistently surfaced in our work across emerging markets: small businesses rarely pay meaningful dollars for software—no matter how transformative the product. Budget constraints, competing priorities, and entrenched habits make adoption difficult. AI is starting to change that equation. 

That’s why we’re excited to announce our investment in the Pre-Series B round of BHub, a Brazilian company redefining how micro, small, and medium enterprises (MSMEs) manage accounting and financial operations.

Background

Brazil has some of the world’s most complex tax and reporting requirements. Business owners face an extraordinary administrative burden—up to 1,500 hours per year spent on financial back-office tasks, roughly seven times the U.S. average. 

As a result, every MSME in Brazil relies on a third-party accountant. More than 100,000 firms serve this market. But as government systems digitize—and with new tax regulations coming in 2026—traditional accountants are increasingly overwhelmed. 

Over the past decade, several standout financial management platforms have emerged to help close this gap. Omie, ContaAzul, and Contabilizei have all scaled successfully, with Omie and ContaAzul in particular winning by using accounting firms as distribution partners. 

Yet adoption has stalled. For MSMEs already stretching their budgets to pay accountants, adding incremental software fees is a significant hurdle. As a result, penetration of financial management systems remains under 5%.

Enter BHub

BHub is breaking from the traditional model—and unlocking a market that has been effectively stuck for years. Instead of selling software to accountants, BHub acquires accounting firms outright and layers in its proprietary AI platform with two aims: Reduce cost-to-serve at the acquired firms through automation and digitize workflows for both the accounting teams and their MSME clients

This is a game-changer for end clients. Because of BHub’s roll-up model, clients pay nothing extra. The software is bundled into the same monthly fee they were already paying their accountant. It’s a distribution channel that aligns incentives and removes the single greatest barrier to adoption: cost.

Backing BHub’s Next Chapter

Next Billion is proud to have led BHub’s $10M Pre-Series B round in October 2025, alongside Monashees, Valor Capital, and Hedosophia. With this financing, BHub has acquired AgroContar, the largest accounting firm serving Brazil’s agricultural sector. The acquisition brings BHub to nearly $30 million in annualized revenue and positions the company at positive EBITDA.

What Comes Next

Jorge Vargas Neto, Founder and CEO of BHub, says,

“These recent developments put us well on track to become the largest player – behind the Big Four – in the Brazilian accounting market, and the fastest growing.  We have grown at a CAGR of over 260% in the last 3 years, and our AI automation has driven significant improvements in gross margin and EBITDA.  We expect to increase revenue by 200% and reach profitability in 2026.” 

“Our mission is twofold: through AI and automation, we will ease the burden on the millions of MSMEs who need to manage and report their finances, and through our roll-up approach, we will transform the accounting sector and ensure that we put those solutions in as many businesses as possible.”
 
BHub’s combination of AI automation and distribution through acquired accounting firms creates a long-overdue unlock for MSMEs—and a rare opportunity to reshape a critical part of Brazil’s economic infrastructure. We’re proud to support the team as they build this next chapter.