A Latin American financial technology company, Pomelo, has raised $35 million in Series A funding from Tiger Global Management, just over five months after raising $9 million in seed funding.
In addition to offering fintech facilities, Pomelo also offers monetary assistance. Its platform enables financial institutions and embedded financial institutions to create virtual accounts and issue credit and prepaid cards. By investing in infrastructure, Latin America’s financial institutions will be able to be released and scaled rapidly.
Among the investors in the Series A are Tiger, Index Ventures, Monashees, SciFi, QED Investors, BoxGroup, Greyhound, Gilgamesh Endeavors, and Clocktower. Sequoia Capital, Checkout’s Guillaume Pousaz, GGV’s Hans Tung, and GoCardless’ Matt Robinson contributed $1 million to Pomelo’s seed round in June. Additionally, the fresh investment will be used to accelerate the company’s corporate development efforts and product blueprint.
Pomelo: a brief history
Gaston Irigoyen, Hernan Corral, and Juan Fantoni founded Pomelo in 2021. The company has offices in Latin America and is still operating. It has just completed a Series A round of financing. In addition to its lawful title, Pomelo Technologies, Inc. is a For Profit corporation, which is focused on credit cards, financial services, fintech, and information technology.
With Pomelo, businesses will be able to establish a financial technology company and release cards in Latin America much faster by creating a new kind of financial service.
It was monstrous to build a fintech company and issue cards in Latin America, as Gastron Irigoyen, the CEO and co-founder of Pamelo explained in their last raise.
It takes almost 12 to 18 months to launch a simple prepaid card, and the companies have to go through the agonizing experience of replicating the process in every market they operate.
It was also claimed by the startup that the API-driven company gives a new way to- launch cards across Latin America that are much faster
Developed an onboarding process for complaints.
Interconnecting virtual accounts and launching the local financial system
Provide credit and debit cards throughout Latin America.
The legacy providers offer poor tech at extravagant rates since every market has its own regulations and nausea, according to Gaston Irigoyen. Founders and technical teams are frustrated by this status quo, which slows down their product sales, resulting in a lack of regional solutions for their products.
Pomelo’s goal is to make LatAm look like Europe, and that will happen when they unlock several markets quickly, so they can help their partners grow their business without worrying about anything.
Pomelo plans to use the fresh capital to accelerate the development and innovation of their fintech-as-a-services business and to accelerate product roadmaps.
In addition, they want to increase their headcount to at least 150 by the end of 2022 from just 100 employees now.
Among the emerging startups of Latin America, John Curtius, Global Tiger Management’s partner, noted that there is a boom in the technology of the region.
Global Tiger Management, founded in 2001, focuses on the financial technology, consumer, and software industries.
According to John Curtius, a partner at Global Tiger Management, some of the best consumer products have disrupted consumer banking, insurance, and lending over the last few years, and they are now thrilled to partner with Pomelo, which offers an entirely new perspective on Latin America, a commitment to developing a new regional financial technology infrastructure, and a team capable of performing at the highest level.
In conclusion
Pomelo raised $35 million in their latest round of funding. They were able to do this thanks to Global Tiger Management, who led the rounds. Along with them, there were many celebrity investors, including Index Ventures, QED Investors, BoxGroup, and a16z. The funding was given with the aim of helping Polo’s goals of accelerating their products’ roadmap while also continuing innovations and development in the fintech-as-a-service industry. Finally, they hope to increase their headcount as well.
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