⚡️Pomelo Raises $35M Series A for ‘Send Now, Pay Later’ Remittances
🤖Pomelo, a “send now, pay later” startup for international money transfers, has raised a $35-million Series A led by Vy Capital and Founders Fund. The round values Pomelo at an undisclosed “up round” and brings its total funding to $55million in equity and $125million in debt facilities.
🤖Pomelo allows users in the U.S. to send money to recipients in other countries such as the Philippines using a credit card model. Recipients get instant access to funds via a virtual card or digital wallet. Pomelo makes money through transaction fees and forex charges.
🤖 The startup will use the new funds to expand its remittance product built on credit card rails to Mexico after launching in the Philippines last year. Founder Eric Frenkiel highlights Pomelo’s credit-building potential for immigrants remitting money.
🐦 With the $250-trillion cross-border payments market heating up, Pomelo’s unusual credit-based remittance approach takes on established players like Western Union and newer fintechs like Alza.
⚡️Pomelo Raises $35M Series A for ‘Send Now, Pay Later’ Remittances
🤖Pomelo, a “send now, pay later” startup for international money transfers, has raised a $35-million Series A led by Vy Capital and Founders Fund. The round values Pomelo at an undisclosed “up round” and brings its total funding to $55million in equity and $125million in debt facilities.
🤖Pomelo allows users in the U.S. to send money to recipients in other countries such as the Philippines using a credit card model. Recipients get instant access to funds via a virtual card or digital wallet. Pomelo makes money through transaction fees and forex charges.
🤖 The startup will use the new funds to expand its remittance product built on credit card rails to Mexico after launching in the Philippines last year. Founder Eric Frenkiel highlights Pomelo’s credit-building potential for immigrants remitting money.
🐦 With the $250-trillion cross-border payments market heating up, Pomelo’s unusual credit-based remittance approach takes on established players like Western Union and newer fintechs like Alza.
The SSE was the first modern stock exchange to open in China, with trading commencing in 1990. It has now grown to become the largest stock exchange in Asia and the third-largest in the world by market capitalization, which stood at RMB 50.6 trillion (US$7.8 trillion) as of September 2021. Stocks (both A-shares and B-shares), bonds, funds, and derivatives are traded on the exchange. The SEE has two trading boards, the Main Board and the Science and Technology Innovation Board, the latter more commonly known as the STAR Market. The Main Board mainly hosts large, well-established Chinese companies and lists both A-shares and B-shares.
