Puntored raises $2M from Stellar Development Foundation

Puntored, a Colombian fintech that provides financial services like payments, credits, remittances, and prepaid services to low- and middle-income populations in Latam, raised $2M from the Stellar Development Foundation (SDF) through the Stellar Enterprise Fund, SDF’s venture fund.

Puntored will use the funds to expand its technological capabilities and enable cross-border transactions across Latin America through the Stellar blockchain network.

“As we celebrate 20 years in the market, we are proud to be the first Colombian company to receive an investment from the Stellar Enterprise Fund of the Stellar Development Foundation, a global leader in blockchain. We move $5.5 billion annually through over 330 million transactions, and this collaboration will allow us to enhance our technology while offering better financial services to our users. It’s a significant step toward our goal of transforming the future of digital payments in Latin America,” said Andrés Albán, CEO and Co-founder of Puntored.

Puntored provides financial transaction services, including a digital wallet, embedded payment services for businesses, and credit for SMEs, to users in rural, metropolitan, and hard-to-reach areas across Mexico, Colombia, and Puerto Rico. With the integration of the Stellar network, over 18 million users in the region will gain access to faster, more affordable financial services powered by the Stellar blockchain network.

Read more on: Latamfintech.