Palomma, a Medellín-based rental payments startup, raised a US$10 million Series A led by Mexican venture firm Cometa. The company provides software and financial services to landlords, tenants, and property managers. The new round brings its total funding to US$14 million.
Funding details
Participants include Volpe Capital, Clocktower Technology Ventures, Tekton Ventures, Simma Capital, and Yango Ventures. Existing investors Y Combinator, 17Sigma, Nido Ventures, and Norte Ventures also joined. The total includes US$4 million in previously undisclosed funding.
Operating scale
Palomma reports annual recurring revenue of about US$3 million. It processes roughly US$130 million in monthly rental payments. The platform serves more than 200,000 tenants through over 500 property managers in Colombia.
Product and revenue model
Property managers use its AI software for leasing conversations, customer service, and collections. Palomma then handles rent collection and payouts to landlords. It also sells financial products such as rental guarantees, rewards, and upfront rental income.
Palomma will prioritize expansion in Colombia before considering Mexico, Brazil, or the Spanish-speaking US market. It is finalizing an insurance partnership to share risk on rental guarantees. Longer term, the company plans to add homeowners association payments and residential property transactions.
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