Argentina’s less than 1-year-old startup Pomelo has raised US$35 million from various investors led by Tiger Global, highlighting the heightened interest among global investors in LatAm’s burgeoning fintech industry.
Pomelo launched its operations barely three months ago after receiving $1 million in seed funds from Silicon Valley venture capital firm Sequoia.
The fintech says it will use the new funds to increase the headcount from the current 100 to 250 and expand operations to Chile and Colombia.
Pomelo is no doubt a unique startup because its API platform allows anyone to embed digital financial services into their business.
Using the platform, they can offer virtual accounts and issue debit and credit cards anywhere in Latin America.
“We allow any company launch its own fintech, from the onboarding of users to the issuance and delivery of prepaid or credit cards,” reported local news outlet iProUP, citing Gastón Irigoyen, CEO & Co-Founder of Pomelo.
“This allows them to improve their value proposition and generate additional income without losing focus on their core business.”
Considering the speed at which growing, investors are convinced that Pomelo could become Latin America’s next Nubank.