Palomma

Fintech, Financial Services, Mobile Apps, Payments

Author

Peniel Keme Kitoko
April 09, 2024 • Estimated Reading Time: 3 minutes

🌎🌍🌏| South America Tuesday

Modern Payments, for Modern Business.

  Problem

  • Market Potential: Latin America’s e-commerce market presents immense potential for growth and innovation.

  • Challenge: Online merchants face challenges in reducing card processing fees and improving conversion rates.

  • Lacking Tool: Existing payment methods lack efficiency, leading to friction in the payment process, hindering conversions.

    • Extra Barriers: Complications arise with non-recurring payments and reconciliation, adding extra barriers for merchants.

This issue's Startup equips online merchants and apps in Latin America with a solution to streamline payments, allowing customers to pay directly from their bank accounts without friction.

  Solution

Palomma

Palomma enables online merchants and apps across Latin America to implement frictionless Pay by Bank payments (A2A), boosting conversion rates and simplifying payment processes.

How: They achieve this through a single API and platform that seamlessly integrates with existing systems.

  • Platform: The platform streamlines the payment process, enabling higher conversion rates and easy reconciliation for merchants.

  • Target: Targeting online merchants and apps in Latin America, addressing the need for cost-effective and efficient payment solutions.

  • Resolving: Resolving the challenges associated with high card fees and cumbersome payment methods, benefiting merchants and customers.

Product Demonstration

  Company Info

  • Industry: Fintech, Financial Services, Mobile Apps, Payments

  • Business Model: Transaction-Based

  • HQ: Medellín, Antioquia, Colombia

  • Founding Year: 2023

  • Employee Count: 1-10

  • Investors: Y Combinator, Unpopular Ventures, 99 Startups, 77 — by SBXi

  • Funding Amount: $500.000

  Traction

  •   Enabling merchants to save 70-80% on card processing fees

  •   Increasing conversion rates by 30-40% with frictionless Pay by Bank

  •   Simplifying payment reconciliation for merchants

  Competition Advantages

  • Seamless integration with existing merchant systems

  • Higher conversion rates compared to traditional card payments

  • Simplified payment reconciliation process

  Founders

  • Cipriano Echavarria, Co-Founder (Experience in Investment Banking at Morgan Stanley, Launching and scaling Nubank's operation in Colombia)

  • Nicolas Gomez del Campo, Co-Founder (Engineer with experience at JP Morgan in algorithmic trading)

  • Felipe Monsalve, Technical Co-Founder (Experience at Meta, Bloomberg, and startups in the US and Latin America)

  Job Opportunities & Contact

  Why Invest by George

❝

Palomma simplifies payments in Latin America like monkey finding banana with one click!

🐵

- George Capuchinski -

  Voices From Our Community (By George: Coming Soon 🍌)

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Cheers,

Peniel Keme Kitoko

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