PriyaPatelPomelo, a payment technology company focusing on the Latin American market, has raised $40 million in a funding round led by venture capital firm Kaszek. The funds will be used to enhance Pomelo’s payment technology stack, which allows companies to offer prepaid, debit, and credit cards to customers in multiple countries through a single integration. Pomelo has raised $103 million since its founding in 2021 and plans to double the size of its business in 2024. The company aims to help banks, multinational companies, and technology unicorns launch their card businesses in Latin America.
The new funding will also allow Pomelo to strengthen its strategic alliances with Mastercard and Visa. The company has been authorized as a Payments Institution by the Central Bank of Brazil and has received several industry awards. Pomelo claims that it is leading a new generation of payment infrastructure companies in Latin America and that Kaszek will actively support its expansion.
The investment received from Kaszek underscores the fundamental importance of Pomelo’s role in the payments industry and allows the company to develop new technological products in the region. Nicolas Szekasy, Co-Founder and Managing Partner of Kaszek, will join the Pomelo board.
