Pomelo, a San Francisco, CA-based consumer fintech to enable international money movement with consumer credit, raised $35M in Series A in venture capital and a $75M expansion of its warehouse facility.
This brought the total funds raised to date to $55M in equity capital and $125M for its warehouse facility. Backers included Vy Capital, Founders Fund, and A* Capital.
The company intends to use the funds to expand operations and its development efforts.
Led by Eric Velasquez Frenkiel, Founder and CEO, Pomelo provides a financial technology platform that combines international money movement and consumer credit and offers a remittance product that enables customers to send funds immediately with either a secured or unsecured credit line.
Pomelo launched in 2022 with the Philippines as its first corridor and has since added new payment options that enhance the product experience for its customers. Most notably, the company recently launched the ability to send funds to GCash, the most popular e-wallet in the Philippines.
The Pomelo Card is issued by Coastal Community Bank pursuant to licensing by Mastercard International.
FinSMEs
22/04/2024