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BC authorizes Paytech Pomelo to operate as a payment institution in Brazil

March 27, 2023
Por
Finsiders
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The best source of information about fintechs in Brazil
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In the modalities of electronic money issuer (can manage prepaid payment accounts) - and also issuer of postpaid payment instrument (e.g. credit card).
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According to the order published in this Monday's edition (27) of the Official Gazette, Pomelo IP has a capital stock of R$16 million and the controllers are the founders of fintech, Gaston Irigoyen, Juan Fantoni and Hernán Corral.

Founded in early 2021 in Buenos Aires, capital of Argentina, Pomelo landed in Brazil in October of that year. The company defines itself as "the new infrastructure to launch and scale services in Latin America in weeks". In the product portfolio are issuing and processing cards (Visa and Mastercard), digital account creation and identity verification, and KYC (know your customer).

Since the start of the business, the fintech has raised $60 million in investments. In October 2021, it received $35 million in a Series A check led by Tiger Global. Less than a year later, it did a $15 million extension with monashees, SciFi, Insight and Index Ventures. Also in the captable are names like QED Investors, Sequoia, FJ Labs, Latitud and others.

Finsiders reached out to Pomelo for comment on the decision published today, but did not receive a response as of this writing. The text will be updated as soon as we hear back.

Market


In the financial and payment infrastructure arena, there is no lack of competition. The list of players offering solutions in the area is long and includes names like BMP, Bankly, Celcoin, Dock, FitBank, Matera, QI Tech, Swap, among others.

Traditional financial institutions such as BV, BTG Pactual, Itaú, Original, ABC Brasil, Citi, and, more recently, Santander, have also been betting on banking as a service (BaaS) to expand their revenue lines and diversify their business.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

According to the order published in this Monday's edition (27) of the Official Gazette, Pomelo IP has a capital stock of R$16 million and the controllers are the founders of fintech, Gaston Irigoyen, Juan Fantoni and Hernán Corral.

Founded in early 2021 in Buenos Aires, capital of Argentina, Pomelo landed in Brazil in October of that year. The company defines itself as "the new infrastructure to launch and scale services in Latin America in weeks". In the product portfolio are issuing and processing cards (Visa and Mastercard), digital account creation and identity verification, and KYC (know your customer).

Since the start of the business, the fintech has raised $60 million in investments. In October 2021, it received $35 million in a Series A check led by Tiger Global. Less than a year later, it did a $15 million extension with monashees, SciFi, Insight and Index Ventures. Also in the captable are names like QED Investors, Sequoia, FJ Labs, Latitud and others.

Finsiders reached out to Pomelo for comment on the decision published today, but did not receive a response as of this writing. The text will be updated as soon as we hear back.

Market


In the financial and payment infrastructure arena, there is no lack of competition. The list of players offering solutions in the area is long and includes names like BMP, Bankly, Celcoin, Dock, FitBank, Matera, QI Tech, Swap, among others.

Traditional financial institutions such as BV, BTG Pactual, Itaú, Original, ABC Brasil, Citi, and, more recently, Santander, have also been betting on banking as a service (BaaS) to expand their revenue lines and diversify their business.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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