Meet Palomma, the Colombian Frictionless Account to Account Payment Platform for LatAm

📝 Overview

• 🖊️ Startup Name: Palomma
• 📍 Headquarters: Medellín, Colombia
• 📅 Year Founded: 2023

🧍 Team

• Cipriano Echavarria → CEO
• Nicolas Gomez del Campo → CTO
• Felipe Monsalve → CTO

🔍 Problem 

Receiving card payments is expensive for merchants, it costs them between 2 to 5% per transaction. Receiving the cheaper alternative, Pay by Bank, poses several frictions:

1. Low conversion: multiple steps are required to checkout via existing Pay by Bank solutions, resulting in a ~40% failure rate
2. Non-recurrent: different from cards, existing Pay by Bank alternatives are hard to enable for recurring payments, requiring complex direct integrations with local banks
3. Confirmation: confirming a bank payment requires checking bank accounts in real-time, or trusting the proof of confirmation sent by the customer (fraud-prone)
4. Reconciliation: existing Pay by Bank data is cryptic: i.e., “68068407595”, making reconciliation difficult

💡 Solution

A single API and platform that allows online merchants or apps across LatAm (starting with Colombia) to receive frictionless Pay by Bank payments

1. Higher conversion: 30-40% more conversion with frictionless Pay by Bank
2. Recurrent: easily enable recurrent Pay by Bank payments
3. Confirmation: allow your employees to instantly confirm bank payments via our dashboard and WhatsApp / email notifications
4. Easy reconciliation: clearly identify each Pay by Bank payment in our dashboard