Why we invested in Prometeo, the open banking company creating an interconnected financial system in Latin America

Despite trillions of dollars moving through banking networks in Latin America (LATAM), real-time data access is limited, and payment flows are slow and expensive. Multinational financial institutions face additional challenges when operating in the region due to operating in different countries, each with unique financial infrastructure. Prometeo offers cross-border data aggregation, streamlined digital payments, and account validation services and has demonstrated strong progress towards enabling payments and data to flow seamlessly in LATAM.

With a $5 trillion GDP economy and 650 million people living in the region, the potential for Prometeo is staggering. The market potential is bolstered by the growth of digital payments in LATAM. Prometeo is not just another fintech player though; it is the leader in offering Pan-LATAM open banking API coverage. With more than 350 connections to nearly 280 financial institutions across 10 countries and both data and payments offerings, Prometeo is the “first mover” in an industry where switching costs are high.

The company’s focus on B2B financial infrastructure through a single, unified API distinguishes it, with Prometeo being a single source for the direct payments, bank account management and ID verification, crucial for scaling operations. This approach positions Prometeo as a leader, especially when compared to competitors who typically concentrate on a single market or a specific product. The experienced leadership team anchored by co-CEOs Ximena Aleman and Rodrigo Tumaián adds to Prometeo’s strength. The company has gained significant traction, securing key customers like J.P. Morgan, Citi, Santander SuperDigital, and RappiCard. We’re thrilled to join Antler Elevate, PayPal Ventures, partners from DN Capital, and existing backers Cometa and Magma Partners in Prometeo’s Series A. 

Prometeo’s vision is clear – to be the interoperability engine driving swift and efficient payments and data flow across LATAM. As open banking gains momentum globally, Prometeo’s pioneering role in LATAM positions it as a crucial player in shaping the region’s financial future. As LATAM embraces open banking, Prometeo stands at the forefront, ready to redefine the financial experience across the region. 

Carlos Castellanos is an investor at Samsung Next. Samsung Next’s investment strategy is limited to its own views and does not reflect the vision or strategy of any other Samsung business unit, including, but not limited to, Samsung Electronics.