Pomelo, the Argentina-headquartered payments infrastructure firm, has secured $55m in a Series C funding round.

The round was co-led by Kaszek and Insight Partners.

Additional backing came from existing and new investors including Index Ventures, Adams Street Partners, S32, Endeavor Catalyst, Monashees and TQ Ventures.

The latest round brings the company’s total capital raised so far to $160m.

Pomelo will use the new capital to move beyond its core focus on card issuing, further develop issuing and credit card products, and build globally scalable financial services tools.

These include stablecoin-native cards, payment tokenisation capabilities, AI-driven chargeback management and new payment rails.

Established in 2021 by Gastón Irigoyen, Hernán Corral and Juan Fantoni, Pomelo develops API-first technology for card issuing, processing and programme management on a fully cloud-native, AI-enabled platform.

Its issuer processing and BIN sponsorship services enable customers to roll out card programmes using either Pomelo’s own network licences or the client’s existing licences.

The company’s modular, API-based infrastructure is designed to help financial institutions and corporates move away from legacy systems, introduce new products and scale card operations across different markets.

Pomelo currently works with more than 150 clients, including global banks and fintechs such as Santander, BBVA, Bancolombia, Western Union, PayJoy, Rappi and Astropay.

Meanwhile, in a separate development in Latin America’s payment sector in March last year, AstroPay expanded its multicurrency wallet to several Latin American countries, including Colombia, Brazil, Argentina, Peru, and Chile.  

In September, Western Union partnered with dLocal, a cross-border payment platform, to provide digital payment options on its online platforms in Latin American markets.