Pomelo, a San Francisco, CA-based fintech startup combining credit and international money transfer in one unified product, raised $5m in seed funding.
Backers included Josh Buckley, Xfund, Afore Capital and Abel Tesfaye.
The company intends to use the funds to continue to expand its operations and development efforts.
Led by Eric Velasquez Frenkiel, founder and CEO, Pomelo provides a service which aima to help users build credit while sending money to family overseas without any fees.
Prior to founding Pomelo, Frenkiel co-founded Singlestore, formerly MemSQL, now valued at over $1 billion, which he led as CEO from 2011 to 2017. A graduate of Stanford University’s School of Engineering and former engineer at Facebook, Frenkiel was previously named on the Forbes 30 under 30 list of technology innovators.
The Pomelo Card is powered by the Mastercard network, issued by Coastal Community Bank, and will feature a mobile application available on an Android or iOS smartphone. U.S. citizens and permanent residents 18 years and older will be able to apply for a Pomelo Card. Then, their families anywhere around the world can join a family plan as authorized users. Pomelo sends these users personalized Pomelo Cards as part of the family plan, enabling the convenience of online shopping and swipe at checkout instead of handling cash.
For those with low or no credit, the company will offer a Pomelo Secured Card, allowing users to deposit funds they would normally remit and be issued a secured credit line that will help them begin to build credit.
Customers can sign up and reserve their card ahead of Pomelo’s official product launch and account openings later this year. Card holders will be able to send money from the U.S. to the Philippines, with India and Mexico to follow.
FinSMEs
12/10/2021