Prometeo, an Uruguayan Open Banking Fintech venture, secured investment with Latinia, a manufacturer of financial notification and contextual banking software. These new funds will allow Prometeo to strengthen its market share throughout Latin America and will help facilitate integration between banks.
Since Prometeo began operating last year, its goal has been to become the first open banking platform in Latin America. Its product is a Rest API that allows financial institutions to access standardized user data in the financial institutions in which they operate and adhere to the regulations of this new financial business model.
Prometeo addresses banks and fintechs in the region that need to scale their operations internationally to provide different services such as the generation of alternative credit scores; bank account validation; centralized payment of invoices and suppliers; creation of electronic wallets; automation of transfers; and the consolidation of bank accounts and integration with ERP, among others.
“The objective of this round of investment is to promote the expansion of Prometeo in Latin America. Our goal is to connect our platform tnks within eight months, taking into account that they represent 80% of the financial market in each Latin American country” said Ximena Alemán, co-founder and CBDO of Prometeo.
On the other hand, thanks to the investment obtained through Latinia, Prometeo will strengthen relations with its Latin American clients such as Banbif and Fondeadora banks, and the Mesfix and CapitalTech financial platforms.
“Open banking is rewriting the rules and creating new and powerful ways to interact with the client,” said Oriol Ros, director of corporate development for Latinia. “If you add to this a vision and a highly committed team you have the best pieces for a project that is transcendent, we saw that in Prometeo,” he added.
Today, the worldwide Open Banking trend is decisive and fundamental in building a more inclusive financial market that provides users with better products. That is why Prometeo has set out to encourage the development of Open Banking in Latin America. Its API, drives the construction of a more open and connected financial sector throughout the region by supporting entrepreneurship.
Disclosure: This article includes a client of an Espacio portfolio company