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Meet Palomma, the Colombian Frictionless Account to Account Payment Platform for LatAm

Palomma, a Colombian fintech startup, is transforming Pay by Bank payments for Latin American merchants with its frictionless platform, offering lower fees, higher conversion rates, and easier reconciliation.

📝 Overview

  • 🖊️ Startup Name: Palomma
  • 📍 Headquarters: Medellín, Colombia
  • 📅 Year Founded: 2023

🧍 Team

🔍 Problem 

Receiving card payments is expensive for merchants, it costs them between 2 to 5% per transaction. Receiving the cheaper alternative, Pay by Bank, poses several frictions:

  1. Low conversion: multiple steps are required to checkout via existing Pay by Bank solutions, resulting in a ~40% failure rate
  2. Non-recurrent: different from cards, existing Pay by Bank alternatives are hard to enable for recurring payments, requiring complex direct integrations with local banks
  3. Confirmation: confirming a bank payment requires checking bank accounts in real-time, or trusting the proof of confirmation sent by the customer (fraud-prone)
  4. Reconciliation: existing Pay by Bank data is cryptic: i.e., “68068407595”, making reconciliation difficult

💡 Solution

A single API and platform that allows online merchants or apps across LatAm (starting with Colombia) to receive frictionless Pay by Bank payments

  1. Higher conversion: 30-40% more conversion with frictionless Pay by Bank
  2. Recurrent: easily enable recurrent Pay by Bank payments
  3. Confirmation: allow your employees to instantly confirm bank payments via our dashboard and WhatsApp / email notifications
  4. Easy reconciliation: clearly identify each Pay by Bank payment in our dashboard

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