Pomelo, a fintech startup pioneering international money transfer fused with credit services, has successfully secured $35 million in its Series A funding round .
Led by Dubai-based Vy Capital, with participation from Founders Fund, A* Capital, Afore Capital, and others. This round brings Pomelo’s total equity funding to $55 million and its warehouse facility financing to $125 million.
Vy Capital’s involvement marks its first public investment, revealing its ascent as a significant player in the investment landscape, notable for backing high-profile ventures like Elon Musk’s endeavors.
Keith Rabois, in one of his final engagements with Founders Fund, facilitated this investment, further showcasing his strategic insights and expertise in identifying promising ventures.
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Pomelo’s innovative approach blends remittance solutions with credit card infrastructure, leveraging partnerships with Mastercard to pioneer “send now, pay later” transactions, enhancing speed and reducing transfer fees.
By allowing users to send money to the Philippines while simultaneously building credit, Pomelo addresses critical needs within immigrant communities, such as instant access to funds and the ability to boost credit scores through transaction history.
The startup’s expansion into Mexico underscores its commitment to providing accessible financial services to underserved populations, aligning with its mission to democratize financial access globally.
Overall, Pomelo’s successful funding round and strategic expansion initiatives position it as a frontrunner in revolutionizing international money transfer and credit services, poised to make a significant impact on the global fintech landscape.
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