Prometeo, a fintech infrastructure company based in Uruguay, has secured $13m in a Series A funding round, led by Antler Elevate, to expand its multi-banking data and payments services in Latin America.
The funding round saw participation from new investors PayPal Ventures, Samsung Next, and partners from DN Capital, along with existing investors, including Magma Partners and Cometa.
Prometeo’s platform offers the technological infrastructure that facilitates firms around the world to connect to the financial systems of Latin America.
The embedded banking software of the company will help its customers gain automated access to bank information and payments from over 283 financial institutions in 10 nations throughout Latin America, via a single, unified API.
Prometeo will also enable customers around the world to connect to Latin America safely, while streamlining operations and reducing costs, said PayPal.
Prometeo co-founder and Co-CEO Ximena Aleman 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.
“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.”
Antler Elevate partner Fady Abdel-Nour said: “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.
“We are excited to partner with Ximena and Rodrigo to build a company that’s not just advancing technology, but also empowering businesses to reach new heights of success.”
Prometeo co-founder and co-CEO Rodrigo Tumaián said: “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.”
Prometeo’s flagship offering features its cross-border multi-banking data aggregation platform, account validation services and real-time payments.
Using its platform and network of APIs, Prometeo intends to provide seamless connections, promoting a more integrated and efficient flow of financial operations.
