Pomelo fintech launches with $20m seed capital

Pomelo fintech launches with $20m seed capital

Published: 17-08-2022 15:16:00 | By: Pie Kamau | hits: 387 | Tags:

Pomelo announced a Series Seed of $20 million in venture capital and $50m in warehouse facility for a total of $70m in seed financing, and is the first company to combine credit and international money transfer. Pomelo also announced its official launch and availability to serve its first corridor, the PhilippinesKeith Rabois at Founders Fund as well as Kevin Hartz, Co-Founder of Xoom and General Partner, at A* Capital led the round with Afore Capital, Xfund, Josh Buckley, the Chainsmokers, and the Weeknd also investing in the round.

Eric Velasquez Frenkiel, Founder and CEO, Pomelo: "Pomelo is on a mission to change how international money transfer fundamentally works. Our goal is to help our customers establish their financial future here in the United States by building positive credit history with their existing remittance obligations, and to financially include their loved ones in emerging economies with access to modern financial instruments. For many of our customers, Pomelo is their first credit card here in the US and the very first card for their loved ones overseas."

Frenkiel brings entrepreneurship and engineering experience from his previous work at other startups. Prior to founding Pomelo, he co-founded Singlestore, 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 early engineer at Meta, Frenkiel was previously named on the Forbes 30 under 30 list of technology innovators for Singlestore.

Frenkiel founded Pomelo after many years of experiencing the challenges of money transfer firsthand. The company also announced its official launch and availability of the product to serve the US-Philippines corridor. After several months in private beta, customers love the fact that the product is both free and personally beneficial.

Eric Sprink, President and CEO, Coastal Community Bank: "When it comes down to it, banking is about trust. Pomelo is weaving together expertise in financial technology with a true focus on the people at the heart of its business. Pomelo gives U.S. immigrants and their families an opportunity to build a financial future, which is why we were eager to be involved."

www.pomelo.com