Pomelo, a consumer fintech company enabling international money movement with consumer credit, announced a Series A of $35 million in venture capital and a $75 million expansion of its warehouse facility from Vy Capital, Founders Fund, and A* Capital. This brings the total funding to $55 million in equity capital and $125m for its warehouse facility.
This funding round follows Pomelo’s inclusion in Notable Capital’s Innovation 50 List for this year, highlighting the 50 most promising fintech companies. This accolade recognizes Pomelo for advancing a $650 billion global remittance industry by empowering customers to build credit with their remittance funds and obligations for the first time.
Pomelo launched in 2022 with the Philippines as the first corridor and has since added new payment options that enhance the product experience for its customers. And Pomelo recently launched the ability to send funds to GCash, the most popular e-wallet in the Philippines.
According to a recent article by STL Partners, 67% of Filipinos leverage GCash. And by enabling customers to send directly to GCash through the app, Pomelo allows customers’ loved ones easily access remitted funds in a form widely accepted by Filipino consumers and businesses, while also offering US-based users the unique option to pay later and build credit history.
GCash is the newest payout instrument that supports Pomelo’s eponymous card product and has positively impacted the lives of customers and their families. For example, considering that many emerging markets do not have a robust healthcare system, showing proof of payment for treatment is essential.
KEY QUOTES:
“Pomelo stands out through a fundamentally different approach to remittance transfer by using credit as its foundation. The product unlocks value beyond facilitating cross border money movement; it’s ultimately a pathway to establishing better financial futures for customers and their families.”
– Keith Rabois, an early investor and board member
“Pomelo has been a lifeline for me and my family. The worst call to get is when it’s 3 AM in California. My mom had suffered a heart attack, and she needed to be transferred to the ICU, but the hospital required proof of payment for that. My brother used his Pomelo Card to get her admitted.”
– Danette Flores, a nurse who sends money to two family members in the Philippines with Pomelo
“Stories like Danette’s show that there’s a human story behind every transfer. Our mission is to connect families in profoundly important ways, and this latest funding round will allow us to continue to innovate and help more customers and their loved ones around the world.”
– Eric Velasquez Frenkiel, founder and CEO of Pomelo
