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Argentina's Pomelo raises USD $15M as it expands into Colombia and Peru

Pomelo co-founders Hernan Corral, Gaston Irigoyen and Juan Fantoni

Argentinian fintech startup 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. The startup also announced they're expanding into 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.

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.”

New capital 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.