Pomelo, an innovative Argentinian payments infrastructure firm, has successfully closed a substantial funding round.
The company, known for its robust financial solutions, recently secured $40m in a Series B funding round.
According to Finextra Research, this significant financial injection was led by VC Kaszek, with notable contributions from an array of investors including Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures, and Alter Global. This recent round elevates Pomelo’s total funding to an impressive $103m since its inception in 2021.
At its core, Pomelo is revolutionising the FinTech space. Founded by veterans from Mastercard, Mercado Pago, and Naranja X, the company is redefining how clients launch and manage credit, debit, or prepaid card businesses. Remarkably, Pomelo enables this across multiple countries within a matter of weeks through a single technological integration. Currently, its operations span across key Latin American markets including Colombia, Argentina, Brazil, Chile, Mexico, and Peru. The firm boasts a robust client portfolio featuring hundreds of corporate entities ranging from banks and multinational corporations to innovative technology startups like Rappi, Bitso, Stori, Lulobank, Nomad, Payjoy, Ripio, and AstroPay.
After experiencing a sevenfold increase in its payment volume in 2023, Pomelo is setting ambitious targets. The company plans to utilise the newfound $40m to double its business size over the forthcoming year. This bold move signifies Pomelo’s commitment to scaling its operations and enhancing its market presence.
Nicolas Szekasy, the managing partner at Kaszek, lauded Pomelo for its rapid and impactful market penetration. He remarked, “The company has demonstrated exceptional traction in a very short period of time, confirming the superiority of its technological solution and the great execution capacity of this team of entrepreneurs whom we have known for years.”
Before this latest financial milestone, it’s noteworthy that Pomelo had already raised a significant amount of capital, cumulatively reaching $103m since its establishment.
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