Argentina’s Pomelo raises US$55 million to boost payment offerings

Argentina-based financial technology startup Pomelo has raised US$55 million in a Series C round as it looks to deepen its presence in Latin America and expand globally with new products tied to stablecoins and real-time agentic payments.

The round, co-led by Kaszek and Insight Partners, will be used to grow Pomelo’s credit-processing business with a focus on Mexico and Brazil – its two largest markets – and to support the launch of a global stablecoin-denominated credit card, co-founder and Chief Executive Officer Gaston Irigoyen said in an interview. The company also plans to develop agentic and real-time payment systems that can operate across borders, marking a push into markets outside the region.

The deal kicks off the year after a sharp slowdown in venture capital investment in Latin America. Startup funding deals in 2025 totalled about US$4.6 billion through October for the region, the slowest pace in nearly seven years, as tighter global liquidity has pushed global investors away, according to PitchBook data. 

Founded in 2021, Pomelo focuses on financial services infrastructure. It builds card-issuing and payment-processing systems for debit, credit and prepaid cards and works as a partner to Visa and Mastercard. The company operates two main businesses: a processing platform that handles transactions, and a so-called “BIN sponsorship” model that combines processing with regulatory and compliance support, allowing smaller clients to launch card programs without building those capabilities internally.

Pomelo is broadening out its client base to large international firms and traditional banks after initially focusing on working with regional fintechs. Its clients, which expanded to over 150, now include established banks like BBVA, Santander and Bancolombia, as well as tech companies such as PayJoy, Binance, DollarApp and Western Union.

“We see a very large need within traditional banking, which also has to compete against the large Latin American and global neobanks that are increasingly coming to Latin America,” Irigoyen said.

The company’s expansion plans reflect broader shifts in the region’s payments landscape. Cards have long been Latin America’s dominant digital payment option, but real-time payment systems such as Brazil’s Pix have gained rapid adoption in recent years. Stablecoins are also increasingly emerging as a third option, particularly in countries facing inflation, currency volatility or capital controls.

Pomelo’s planned stablecoin credit card is intended to complement its existing local-currency and dollar-denominated card products. The card, initially operating with Circle’s USDC, would allow users to transact globally while settling in digital dollars.

“It’s an alternative to the credit card products denominated in local or hard currency that we already have and have supported for many years,” Irigoyen said. “This product will allow us to transcend the borders of Latin America and begin to acquire customers in other markets, both emerging and mature, around the world.”

Other funds that participated in the round include Index Ventures, Adams Street Partners, S32, Endeavor Catalyst, Monashees, and TQ Ventures. The company has raised US$160 million to date.