PayPal, Samsung Join LatAm-Focused FinTech Prometeo’s $13 Million Series A

Prometeo, a Uruguay-based FinTech infrastructure company focused on financial institutions in Latin America, has raised $13 million in Series A funding.

The funding round was led by Antler Elevate with participation from new investors PayPal Ventures, Samsung Next and partners from DN Capital, as well as existing backers, Prometeo said in a Friday (Jan. 12) press release emailed to PYMNTS.

The company will use the new capital to expand its multi-banking data and payments offerings in Latin America, according to the release.

“We have always believed that Latin America can function as a unified market, despite the fact that financial technology infrastructures differ throughout these countries,” Ximena Aleman, co-founder and co-CEO of Prometeo, said in the release. “Our vision has consistently been focused on consolidating these diverse infrastructures under one single API [application programming interface], thus provide the essential layer of standardization required to deliver efficient financial operations across Latin America.”

The company’s embedded banking software platform enables global corporations to connect into the region’s financial systems in a way that is simpler, faster and more secure, according to the press release.

With this platform, Prometeo’s clients can access bank information and payments from more than 283 financial institutions in 10 Latin American countries, the release said.

They can do so through the company’s single, unified API, per the release.

Together with its cross-border multi-banking data aggregation platform, Prometeo provides account validation services and real-time payments, according to the release. This offering is designed for both large corporations and high-growth startups in the financial industry.

“Major banking and corporate clients trust Prometeo to support their financial operations because of our unwavering dedication to safety and compliance,” Rodrigo Tumaián, co-founder and co-CEO at Prometeo, said in the release.

PYMNTS Intelligence has found that there is a digital banking revolution underway in Latin America, with banks and businesses rolling out new technologies to meet customers’ demands for personalized financial services.

The region has taken a leading role in digitizing payments, and there is surging demand for digital-first and instant payment systems, according to “Promising Payments: Digital Payments Gain Ground in Latin America,” a PYMNTS and Galileo collaboration.