Latin American payments startup Pomelo raises $40m

Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures and Alter Global joined the round, which brings Pomelo's total funding to $103 million since its founding in 2021.

Built by Mastercard, Mercado Pago and Naranja X veterans, Pomelo helps clients launch credit, debit or prepaid card businesses in multiple countries, in weeks, with a single technological integration.

The company operates in Colombia, Argentina, Brazil, Chile, Mexico and Peru and has hundreds of corporate clients including banks, multinational companies and technology startups such as Rappi, Bitso, Stori, Lulobank, Nomad, Payjoy, Ripio, and AstroPay.

After multiplying its payment volume sevenfold in 2023, Pomelo says it will use the new funding to double the size of its business over the next year.

Nicolas Szekasy, managing partner, Kaszek, says of Pomelo: "The company has demonstrated exceptional traction in a very short period of time, confirming the superiority of its technological solution and the great execution capacity of this team of entrepreneurs whom we have known for years."