However, Pomelo raises one other US$ 15 million and will increase valuation
To Pipeline, the co-founder and CEO of Pomelo, Gaston Irigoyen, said that, at a particularly bad time for the technology market, the capital raised gives breath to continue with the expansion. “We will have much more than two and a half years to use this money. We can recruit, continue international expansion, invest in Brazil and the rest of Latin America, regardless of the macroeconomic context.”
For fintech’s COO, John Paz, the rapid growth is due to the focus on technology. Currently, about 75% of the 300 employees work in the area. “Our ability to innovate is very fast and that makes us an extremely innovative player.”
In general, Pomelo’s main business is to take care of the “backend”, facilitating the launch of financial verticals within companies, regardless of the sector, and even fintechs. Services range from product offerings to regularization with the national financial system, making hiring a startup’s service much more attractive than developing the solution in-house — which could take months or a few years.
Irigoyen, a former Googler, and Hernan Corral, a former Mercado Pago, met at Naranja X, one of Argentina’s leading digital banks, and experienced the infrastructure problem firsthand. Juan Fantoni, the third partner, also struggled with the integration of large retailers while he was director of digital partnerships at Mastercard.
With the money raised, the fintech wants to expand some markets, such as Colombian and Peruvian, recently added to the portfolio. Among the clients are startups such as Rappi, Bitso, GBM and Agrotoken.
Source: Value Pipeline