Prometeo Secures $13 Million to Revolutionize Open Banking in Latin America

In a groundbreaking move, Uruguayan startup Prometeo has successfully raised $13 million in funding to further its mission of revolutionizing open banking across Latin America. Although the valuation remains undisclosed, the funding round signals a significant milestone for the company, suggesting a valuation just under $100 million.

Founded in 2018, Prometeo has exhibited substantial growth on relatively lean funding, having raised around $6 million before this latest round. Co-CEO and Co-founder, Ximena Aleman, formerly a journalist in the media and tech industries, shared insights into the company's untraditional approach to growth.

Prometeo distinguishes itself by adopting a unique strategy, opting to address Latin America's extensive fragmentation as a single market. The startup employs a single API to enable open banking services, currently offering 350 channels across 283 financial institutions in 10 countries.

Brazil and Mexico are identified as Prometeo's largest markets, mirroring the broader fintech trends in the region. The startup's services primarily focus on account-to-account payments, account validation, and cash management for businesses. With a growth rate of 10x over the last two years, Prometeo plans to expand its user base, introduce new services, and explore additional geographies.

While the Latin American financial services sector faces challenges, including lower bank account penetration, Prometeo sees this as an opportunity for growth. The region's slower adoption of traditional financial services provides a unique landscape for open banking to flourish, unburdened by established payment rails prevalent in more mature markets.

The recent funding round, led by Antler Elevate, showcases strong support from key players interested in expanding their presence in the region. PayPal Ventures, Samsung Next, DN Capital, Cometa, and Magma Partners are among the investors signaling their belief in the potential of open banking in Latin America.

Both PayPal and Samsung Next, while not yet engaged in services with Prometeo, demonstrate a strategic interest in establishing early partnerships within this evolving space. As digital wallets and mobile transactions are still in the early stages in Latin America, the region holds substantial potential for growth in the fintech sector.

Prometeo's success, coupled with the backing of industry giants, positions the startup as a trailblazer in the Latin American open banking landscape. With influential partners such as Citi, Santander, J.P. Morgan, and Vtex, Prometeo is well-positioned to lead the charge in advancing technology and empowering businesses throughout the region.