Pomelo Pay, a London, UK-based digital payments company, raised US$10m in Series A funding.
The round was led by Inference Partners.
The company intends to use the funds to expand its presence across global markets including Europe and Asia, starting with plans to double their workforce in London, Singapore, Vietnam, Thailand and the Philippines.
Launched in 2018 in the UK and Singapore and led by Vincent Choi, CEO, Pomelo is an innovative digital payments service provider that allows businesses to take payments from anyone, in any location (physical or digital), at a low cost and without the need for hardware. The company provides an integration with over 30 payment networks globally. Its payments platform is also used by banks and non-banking financial institutions (NBFIs) for an improved acquiring experience, enabling them to offer a broad suite of payment acceptance solutions to their end customers.
The company, which crossed US$500m in total payments processed for 2021 and projects a growth of five times by 2022, has its regional headquarters in Singapore and an expanded presence in countries across Europe and Asia.
Pomelo Pay is a Mastercard principal issuing member, authorized to issue payment cards directly to its SME customer base and make direct payment settlements with Mastercard.