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Saturday, May 25, 2024

Pomelo announces $35-m Series A funding

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Pomelo, the first consumer fintech to enable 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, led by Vy Capital, with full participation by Founders Fund and A* Capital.

This brought total funds raised by the company to $55 million in equity capital and $125 million for its warehouse facility.

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. Pomelo recently launched the ability to send funds to Gcash, the most popular e-wallet in the Philippines.

The latest round of funding follows Pomelo’s inclusion in GGV Capital’s Innovation 50 List for 2024, described as “highlighting the 50 most promising fintech companies in the eyes of investors.”

This 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.

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