PayPal Ventures has invested in the leading fintech infrastructure company, Prometeo, which has raised $13m in Series A funding.
Prometeo’s platform connects global corporations seamlessly with financial institutions in Latin America. The company’s embedded banking software platform provides its clients with access to bank information and payments for more than 283 financial institutions across ten different countries in Latin America.
The company has planned to use the funds to expand its multi-banking data and payments offerings in the region.
Ximena Aleman, Co-Founder and Co-CEO of Prometeo, said: “We have always believed that Latin America can function as a unified market, despite the fact that financial technology infrastructures differ throughout these countries.
“Our vision has consistently been focused on consolidating these diverse infrastructures under one single API, thus providing the essential layer of standardisation required to deliver efficient financial operations across Latin America.
Antler Elevate, the company that led the funding, is an emerging growth fund that provides scale-up capital from Series A funding and onwards.
Fady Abdel-Nour, Partner at Antler Elevate, stated: “At Antler Elevate, we are committed to investing in companies that are not just innovators but also game-changers in their fields. Prometeo, with its simple single API, provides banks and financial institutions access to payments and data throughout the entirety of Latin America.”
The funding round attracted new investors such as PayPal Ventures, Samsung Next and partners from DN Capital, as well as existing backers including Cometa and Magma Partners.
Aleman commented: “Closing our Series A funding round confirms that Prometeo has played a key role thus far. We are now in an optimal position to capitalise on this market opportunity and to continue to add value to banks, fintechs, corporations and partners alike.”
PayPal Ventures, one of the new investors in the company, invested in Cymbio in 2022. An investment that elevated its growth and expansion into automation. This new investment shows its aim to expand its reach in Latin America.
Rodrigo Tumaián, Co-Founder and Co-CEO of Prometeo, concluded: “Major banking and corporate clients trust Prometeo to support their financial operations because of our unwavering dedication to safety and compliance.
“We have meticulously designed Prometeo’s platform architecture to meet and exceed the legal and compliance standards of the industry, providing our clients with a secure environment where they can confidently conduct their operations.”
