Palla, an international payments platform that enables instant cross-border payments for global financial institutions and fintech firms, announced today that it has raised $14.5 million in a Series A funding round. The round was led by Revolution Ventures, with participation from Y Combinator, Ardent, Cowboy Ventures, Dash Fund, Uncommon Capital, Meta Fund, Evolution VC, First Check Ventures, Vitalize, and DeepWork Capital.
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David Golden, Managing Partner at Revolution Ventures, and Heidi Miller, former President of JPMorgan International, will join Palla’s board as part of this round.
Palla’s platform enables partners to embed real-time international payments into their existing digital channels via a suite of APIs, white-label apps, and embeddable components. Unlike traditional money transfer providers that require customers to use separate, siloed apps, Palla allows financial institutions to offer international payments directly within their native applications or via Palla’s hosted infrastructure tailored to each partner’s cross-border use case and end customer needs.
“Palla is setting a new standard for speed and accessibility in cross-border transactions,” said David Golden. “Their innovative approach to simplifying and securing international payments aligns perfectly with our investment philosophy. We are excited to support Enrique and his team as they expand Palla’s reach and help businesses and individuals connect financially across borders with ease.”
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Palla has already established partnerships with more than 30 financial institutions and distribution partners, embedding directly into their digital channels. The company sees significant runway for expansion, with additional partners expected to launch before the end of the year representing a combined end-customer base of over 150+ million individuals across LATAM and the Caribbean, with plans for global expansion to follow.
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“Palla is revolutionizing international payments, and this new funding brings the expertise and resources we need to scale to the next level. Our goal has always been to simplify and secure cross-border transfers, giving financial institutions the opportunity to make them faster, safer, and more user-friendly than ever before,” said Enrique Perezalonso, CEO of Palla and a 20-year veteran of retail banking in Mexico and the U.S. “This investment will accelerate our growth and further our mission to make international payments seamless and accessible to everyone.”
Palla will use the funding to broaden existing payment corridors and expand into new ones for both sending and receiving transfers. The company also plans to introduce additional product lines and money-movement mechanisms to better serve its growing customer base.
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Source: globenewswire
