LatAm fintech Pomelo secures $40m Series B led by Kaszek
Pomelo, a fintech start-up providing payments infrastructure to card businesses and banks in Latin America, has bagged $40 million in Series B funding.
LatAm fintech Pomelo raises $40m Series B funding
The round was led by regional venture capital firm Kaszek while also attracting international investors including Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures and Alter Global.
Monashees’ general partner, Caio Bolognesi, and Kaszek’s co-founder and managing partner, Nicolas Szekasy, are due to join the Pomelo board.
The start-up has now raised $103 million to date, including a $35 million Series A led by Tiger Global Management in October 2021.
According to a translated statement, Pomelo plans to use its new funding to invest in its technology and further establish its market presence – two key areas of its growth plan to double the size of its business this year.
Co-founder and CEO Gastón Irigoyen says that the start-up’s new capital injection “confirms that we continue to move in the right direction and strengthen our leadership in the region”.
Founded in Buenos Aires, Argentina in 2021, Pomelo’s payment technology enables fintechs and embedded finance firms to launch their own virtual accounts and credit, debit and prepaid card programmes across multiple jurisdictions worldwide. It claims to do this through “a single technology integration” at “a fraction of the cost” of traditional systems.
The company reported a “sevenfold” increase in its daily processing capacity to 55 million transactions by the end of 2023, aided by its receipt of a Payment Institution licence from the Central Bank of Brazil and “strategic alliances” with Visa and Mastercard.
