Exclusive: Nubank Alum Raises $14M For Colombia’s Palomma To Tackle Rent Payments, Landlord Financing
Colombia-based startup, Palomma, has raised $10 million in Series A funding led by Mexican venture firm Cometa to expand its financial services business for landlords, tenants and property managers, Crunchbase News has exclusively learned.
In 2020, Cipriano Echavarría worked at Morgan Stanley in New York and noticed a plaque on his desk listing former Morgan Stanley employees, including David Vélez. Vélez was a fellow Colombian and founder of Brazilian digital bank Nubank. Echavarría reached out to Vélez on LinkedIn for career advice, and later joined Nubank as it prepared to expand into Colombia.
In 2022, Echavarría's Medellín-based startup, Palomma, raised $14 million in Series A funding led by Mexican venture firm Cometa, bringing Palomma's total funding to $14 million. Palomma's business combines software for property managers with a payments system for collecting rent and paying landlords, allowing it to sell financing and other financial products.
The company processes about $130 million in monthly rental payments, serving over 200,000 tenants through 500 property managers in Colombia and estimates $1.5 billion in annualized rent payment volume. Palomma aims to expand in Colombia, develop AI and financial products, and prepare to enter other markets like Mexico, Brazil, and the Spanish-speaking U.S. The company's growth is driven by its AI software, which handles tasks such as leasing conversations and provides a record of rental income and tenant payment histories to assess applicants for financial products.
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