Rankmi, the Chilean human resources management startup has announced a merger with the Mexican payroll solutions company Osmos and raised new funds in a Serie A investment round led by the Softbank Latin America Fund.

According to the company, both transactions were valued at $48 million.

The merger with Osmos is intended to accelerate Rankmi's growth and the development of its product in Latin America, especially in Mexico. The two firms will operate under the new entity, Rankmi Company, with the brand continuing to be Rankmi, while the Osmos brand is being used for a while, as it has greater brand recognition in Mexico and targets the SME segment.

Rankmi, founded in 2015 by Chileans Enrique Besa and Felipe Cuadra offer personnel training services to companies, talent evaluation, monitoring of workers' applications, and payroll payments, among others, and has offices in Peru, Colombia and Mexico

It has more than 1.4 million users and approximately 1,500 clients in the region and has managed to double its annual revenue and consolidated a strong presence in the segment of medium and large companies including renowned brands like Falabella, El Palacio de Hierro, Banco Itaú, Banco Santander, Collahuasi, Krispy Kreme, Hooters, 7-Eleven and Komatsu.

Following the transaction, the startup aims to grow at a double-digit rate by 2023.