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Uruguay-based fintech infrastructure firm Prometeo has successfully raised $13 million in Series A funding, signaling a robust endorsement of its mission to broaden its multi-banking data and payments services across Latin America.
The funding round was spearheaded by Antler Elevate, with notable participation from new investors such as PayPal Ventures and Samsung Next. Additional support came from partners associated with DN Capital, alongside existing backers, including Cometa and Magma Partners.
Unified Access to Banking Data Across Latin America
Prometeo's embedded banking software platform is at the forefront of simplifying and automating client access to banking information and payments.
This service extends across a network of more than 283 financial institutions spanning 10 countries in Latin America. Leveraging a single, unified API, the platform aims to facilitate seamless connectivity for clients globally, enabling them to swiftly and securely engage with the Latin American financial landscape. The overarching goal is to minimize friction and reduce operational costs for users.
Strategic Backing From Industry Giants
Antler Elevate's leadership in the funding round signifies a strategic alignment with Prometeo's vision for fintech expansion in the region. Notably, including new investors, PayPal Ventures and Samsung Next bring influential players into the fold.
Samsung's established presence as the dominant smartphone vendor in Latin America complements Prometeo's objectives, while PayPal's prior investment in MercadoLibre underscores its interest in the regional e-commerce landscape.
According to Finextra, the Series A funding injection positions Prometeo for substantial growth as it works towards enhancing its embedded banking solutions.
The company's commitment to simplifying cross-border financial interactions aligns with the broader trends of digitization and financial inclusion in the evolving Latin American market.
According to Telecom Paper, this will also help boost emerging technologies and make fintech a safer and more reliable business. As Prometeo expands its footprint, the infusion of funds from reputable investors signals confidence in the fintech's potential to reshape the financial landscape in the region.
Photo: Babak Habibi/Unsplash
