The funding will help Pomelo expand in Brazil and Mexico. Here are the top-line bullets you need to know.
Pomelo, a fintech-as-a-service platform provider, has raised $35M in a Series A. The round drew participation from Tiger Global Management, Greyhound Capital, QED Investors, Index Ventures, and Insight Partners, among others.
HOW’S THE COMPANY PERFORMING?
- Argentina-based Pomelo enables its clients to create virtual accounts and distribute credit and debit cards.
- Pomelo’s customer base includes 3 fintech companies and 1 embedded finance firm.
- The company currently operates in Argentina, Brazil, and Mexico, and it plans to move into Colombia and Chile.
- The 7-month-old startup currently has 100 employees.
WHY DOES THE MARKET MATTER?
- The global market for fintech is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The Covid-19 pandemic has driven demand for cashless transactions and increased the adoption of digital payment solutions and online payment gateways.
- The fintech market has seen a funding boom in recent years. Over the first 3 quarters of 2021, fintech startups saw $91.5B across 3,514 VC deals.