Paradigm backs El Dorado with $9M for Latin payments

Paradigm led a $9 million funding round for El Dorado, the companies announced. The financing will provide capital to scale the startup’s mobile payments and merchant services across Latin America.

El Dorado operates a mobile payments app that allows users to send money, pay merchants and manage a digital wallet using local payment rails and mobile networks. The company targets consumers and small businesses in countries with limited access to traditional banking services.

The round included institutional investors and angel backers, with Paradigm serving as lead investor. Paradigm is a venture capital firm active in fintech and crypto.

El Dorado plans to use the proceeds to expand its engineering team, strengthen payments infrastructure and increase regulatory and compliance capacity while entering new markets.

The product offers in-app transfers and merchant checkout options that integrate with local point-of-sale systems and mobile money providers. The company has formed partnerships with local payment processors and banks to broaden reach and reduce friction for cross-border and domestic transactions.

Investor interest in Latin American payments companies has grown alongside rising smartphone adoption and increased use of digital payments across the region. Startups that offer remittances, merchant payment acceptance and digital wallets have drawn capital in recent years.

Paradigm’s investment will supplement El Dorado’s existing funding as the company continues product development and advances market-entry plans.