Pomelo announced it received a new $15M investment, extending its “Series A” round to a total of $50M and increasing its valuation by 50% in the last nine months. It also announced that the startup landed in Colombia and Peru.
This investment was made by international venture capital funds that had previously invested in Pomelo. Some of them are monashees, Index, Insight, Alter Global, Box Group, Clocktower, Latitud, SciFi, and Zinal.
“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,” explains Gastón Irigoyen, CEO & Co-Founder of Pomelo. Co-Founder of Pomelo.
The company provides technology infrastructure to companies offering financial services in Latin America. As Raymundo Guerrero, Country Manager of Pomelo in Mexico, explains:
“Pomelo in Mexico has focused on providing the service of issuing and processing physical and/or virtual cards to entities that grant consumer and/or corporate loans, as well as debit and prepaid cards to regulated financial entities. In this way, we contribute to providing new generation infrastructure to strengthen the offering of financial services in a country where more than 50% of the population is financially excluded.”
This new funding will be used for Pomelo’s expansion into Colombia and Peru, as well as for the expansion of its existing products in Mexico, Argentina, and Brazil. The company will offer its corporate clients the opportunity to reach up to 450 million users and compete for 80% of the payment volume in Latin America.
Some of Pomelo’s clients are regulated financial entities and companies such as Agrotoken, Rappi, Bitso and Ripio.