LatAm fintech Pomelo secures $40m Series B led by Kaszek

Funding News: Pomelo, a Latin American fintech start-up, secures $40 million in Series B funding.
Investors and Leadership: Series B round led by Kaszek, with participation from Monashees, Index Ventures, and others. Monashees and Kaszek executives to join Pomelo’s board.
Funding History: Pomelo has raised a total of $103 million to date, with a $35 million Series A led by Tiger Global Management in October 2021.
Growth Plan: Pomelo plans to use the funding to invest in technology and expand its market presence, aiming to double the size of its business in the current year.
Payment Technology: Founded in Buenos Aires in 2021, Pomelo provides payment infrastructure, allowing fintechs to launch virtual accounts and card programs globally at a lower cost than traditional systems.
Technology Integration: Pomelo emphasizes a single technology integration for its services, making it cost-effective for fintechs and embedded finance firms.
Performance and Licensing: The company reported a sevenfold increase in daily processing capacity to 55 million transactions by the end of 2023. Pomelo holds a Payment Institution license from the Central Bank of Brazil and has strategic alliances with Visa and Mastercard.