Colombian Rental Fintech Startup Palomma Raises $10M Series A Led by Mexican VC Firm Cometa
Palomma completed a $10M Series A round led by Cometa, bringing total funding to $14M, to expand operations in Colombia and develop more AI financial products.
Medellín-based Colombian rental fintech startup Palomma has announced the completion of a $10 million Series A funding round led by Mexican venture capital firm Cometa, according to an exclusive report by Crunchbase News. Including $4 million in previously undisclosed funding, Palomma's total raised stands at $14 million. Other participants include Volpe Capital, Clocktower Technology Ventures, Tekton Ventures, Simma Capital, and Yango Ventures, alongside existing investors Y Combinator, 17Sigma, Nido Ventures, and Norte Ventures.
Palomma provides financial services for landlords, tenants, and property managers. Its business combines software that helps property managers handle leasing inquiries, customer service, and collections with a payments system for collecting rent and paying landlords. These relationships allow it to sell financing, rental guarantees, and other financial products to tenants and property owners. The company reports that its annual recurring revenue has grown thirtyfold in 18 months to about $3 million. It processes approximately $130 million in monthly rental payments, serving more than 200,000 tenants through over 500 property managers in Colombia.
Cipriano Echavarría, co-founder and CEO of Palomma, stated that the funding will be used to expand in Colombia, develop additional AI and financial products, and prepare to enter other markets. While considering Mexico, Brazil, and the Spanish-speaking U.S. market, Colombia remains the priority. Pepe Bolaños, managing partner at Cometa, noted that Palomma uses AI to automate operations and leverages proprietary payment data to improve underwriting, providing a competitive advantage that can strengthen as the company grows.