Pomelo, a San Francisco-based consumer fintech company focusing on international money movement with consumer credit, has successfully raised million in Series A venture capital funding, along with a million expansion of its warehouse facility. This brings their total funds raised to million in equity capital and 5 million for their warehouse facility. Notable backers of this round of funding include Vy Capital, Founders Fund, and A* Capital.
The company plans to use these funds to further expand their operations and development efforts. Led by Founder and CEO, Eric Velasquez Frenkiel, Pomelo offers a financial technology platform that allows for international money transfers with consumer credit options. Their remittance product allows customers to send funds immediately using either a secured or unsecured credit line.
Since its launch in 2022, Pomelo has been focusing on the Philippines as its initial corridor and has since expanded its payment options to enhance the customer experience. One recent addition includes the ability to send funds to GCash, the leading e-wallet in the Philippines. The Pomelo Card is issued by Coastal Community Bank under a licensing agreement with Mastercard International.
Overall, Pomelo’s innovative approach to combining international money movement with consumer credit options is gaining traction in the fintech space, and this latest round of funding will help them further grow and enhance their services.
