Argentinian PayTech startup Pomelo has extended its Series A funding round by $15m, which has increased its valuation by 50% in the last nine months.
This investment capital was provided by existing Pomelo backers monashees, Index, Insight, Alter Global, Box Group, Clocktower, Latitud, SciFi and Zinal, according to a report from LatamList.
Funds have been earmarked to help Pomelo expand into Colombia and Peru, as well bolster its presence in Mexico, Argentina and Brazil.
Pomelo previously raised $35m for its initial Series A round close in October 2021. The round was supported by Tiger Global, Insight Partners, Index Ventures, monashees and many others.
The Argentinian PayTech startup is offering infrastructure to help launch and scale financial services in Latin America. Through its technology, it enables new products to be launched within weeks.
Pomelo CEO and co-founder Gastón Irigoyen said, “We are very excited about this additional investment and to have raised $60M in the first 18 months of the company’s life.
“It is a source of pride for us as Latin American entrepreneurs and a great validation that the main international funds believe in the potential of our region and the need for a new technological infrastructure for financial services in Latin America.”
One of the offerings of Pomelo is the ability for a client to build their own physical or virtual cards. Another feature is the ability to develop digital accounts for customers, which support physical and virtual transactions.
Research from FinTech Global earlier this year found that WealthTech apps are the most popular among consumers in Argentina. The most downloaded FinTech apps in the country during 2021 were WealthTech services.
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