⚡️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 seemingly negative pandemic effects and resource/product shortages are encouraging and allowing organizations to innovate and change.The news of cash-rich organizations getting ready for the post-Covid growth economy is a sign of more than capital spending plans. Cash provides a cushion for risk-taking and a tool for growth.
A Telegram spokesman declined to comment on the bond issue or the amount of the debt the company has due. The spokesman said Telegram’s equipment and bandwidth costs are growing because it has consistently posted more than 40% year-to-year growth in users.
