Uruguay’s Prometeo secures $13m for open banking expansion in Latin America

Uruguay's Prometeo secures $13m for open banking expansion in Latin America

Prometeo, an innovative startup based in Uruguay, recently announced a significant milestone in its journey to revolutionise open banking across Latin America. 

The startup has successfully secured $13m in a funding round led by Antler Elevate, with notable contributions from PayPal Ventures, Samsung Next, DN Capital, Cometa, and Magma Partners, according to a report from TechCrunch. This influx of capital marks a significant step forward for Prometeo, indicating strong confidence from some of the most influential names in the financial and technological sectors.

At its core, Prometeo is dedicated to pioneering open banking in Latin America. By leveraging a unique API, the company has established over 350 channels across 283 financial institutions in 10 countries, including Brazil and Mexico, the largest FinTech markets in the region. The services provided by Prometeo, such as account-to-account payments, account validation, and cash management for businesses, are crucial for the evolving digital financial landscape.

The new funding will be strategically used to expand Prometeo’s user base, introduce additional services, and extend its reach into new geographical areas. This plan aligns with the company’s vision of increasing financial inclusivity and bringing banking services into the digital era. In the past two years alone, Prometeo has seen a tenfold increase in revenue, demonstrating its potential and the growing demand for its services.

Fady Abdel-Nour, a partner at Antler Elevate, praised Prometeo’s vision and technology: “Prometeo, with its simple single API, provides banks and financial institutions access to payments and data throughout the entirety of Latin America.

“We are excited to partner with Ximena and Rodrigo to build a company that’s not just advancing technology, but also empowering businesses to reach new heights of success.”

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