Argentine PayTech startup Pomelo (website) has extended its Series A funding round by $15 million, increasing its valuation by 50% over the past nine months. The investment capital was provided by existing Pomelo backers Monashees, Index, Insight, Alter Global, Box Group, Clocktower, Latitud, SciFi, and Zinal. The funds will help Pomelo expand into Colombia and Peru and strengthen its presence in Mexico, Argentina, and Brazil.
Pomelo raised $35 million for its first Series A round in October 2021. Tiger Global, Insight Partners, Index Ventures, monashees, and many others backed the round.
The Argentine PayTech startup provides infrastructure that supports the launch and scaling of financial services in Latin America. With its technology, it enables the launch of new products within weeks.
Gastón Irigoyen, CEO and co-founder of Pomelo, said, “We are very pleased to receive this additional investment and to have raised $60 million in the first 18 months of the company’s existence.“
“It fills us with pride as Latin American entrepreneurs and is a great confirmation 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 Pomelo’s offerings is the ability for customers to create their own physical or virtual cards. Another feature is the ability to develop digital accounts for customers that support physical and virtual transactions.
A survey by 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 in 2021 were WealthTech services.