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Image Credits:Left to right: Pomelo co-founders Hernan Corral, Gaston Irigoyen and Juan Fantoni / Pomelo
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Image Credits:Left to right: Pomelo co-founders Hernan Corral, Gaston Irigoyen and Juan Fantoni / Pomelo
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Argentine payments substructure startupPomelohas grow $ 40 million in a Series B unit of ammunition of funding .
The Buenos Aires - based society started in 2021 with the end of giving fintechs and embedded finance players a way to plunge virtual accounts and return prepaid and credit circuit card via compliant onboarding processes .
Pomelowent live with its first customer in January of 2022 — at the time only plump for pre - paid products in Argentina .
Since then , the startup has evolved its model to provide local and outside company a way to offer prepay , debit and mention bill of fare to their client in multiple countries via what EXEC describe as “ a exclusive technological integration … at a fraction of the toll ” of traditional methods . Pomelo has also expand beyond its home market of Argentina to Mexico , Brazil , Chile , Colombia and Peru .
“ meter to grocery is 10x faster ” than traditional methods — a affair of weeks in some cases , said CEO and co - founderGastón Irigoyen , as Pomelo claims to be doing the “ regulatory and operational heavy lifting ” for its customers .
Today , Pomelo has over 100 incorporated clients include banks , transnational companies and engineering startup such as Rappi , Bitso , Stori , Nomad , PayJoy , Ripio and AstroPay . receipts grew by 3x , or 200 % in 2023 versus 2022 , according to Irigoyen , and is expected to double this year . Meanwhile , total requital volume grew seven times in 2023,reaching a processing capacity of 55 million transactions per day , he added .
Some of its customer “ are just spherical customers that want to put to death in Latin America,”Irigoyen secernate TechCrunch in an audience .
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“ Companies such as the likes of Paysafe , which are , say , European companies that want to do business in Latin America , arrive and work with us … and they have an easy track to all of Latin America by leveraging our substructure , ” he added .
Kaszek led Pomelo ’s late rung , which also include involution frommonashees , Index Ventures , S32 , TQ Ventures and Endeavor Catalyst . The latest financing brings the startup ’s aggregate raised since inception to $ 103 million . Irigoyen decline to reveal valuation , saying only that it was “ a positive bout , not a down round . ”
Pomelo raise $ 35 million in aSeries A roundin October of 2021 , and then announced an $ 18 million extension service to that round in August of 2022 . It raiseda $ 9 million seed roundin May of 2021 , pre - product and pre - revenue .
The inauguration handles card issuance , processing and also management of dealings for its customers .
“ Issuing means allowing our customers to leverage our licenses with the networks , such as Visa and Mastercard,”Irigoyen say . “ So we can technically be the issuers of those cards on behalf of our customers . ”
As of late , the inauguration has been putting a lot of emphasis into its recognition plug-in direction platform , which is essentially a SaaS instrument “ to supervise an total credit card business organization , ” according to Irigoyen .
The company , which has 265 employees , plans to practice the new capital in part to double down on Brazil , Mexico and Colombia .
Kaszek carbon monoxide - beginner and managing partnerNicolas Szekasy , who is joining Pomelo ’s board of directors as part of the investment , said he was impressed with how the company “ has demonstrated exceptional traction in a very forgetful period of time . ”
“ Pomelo is precede a new generation of defrayment infrastructure companies in Latin America , ” he added .
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