New Fintech Launches with $20 million in Seed Capital, $50m Warehouse to be the First to Combine Credit and International Money Transfer
SAN FRANCISCO, Aug. 16, 2022 /PRNewswire/ -- 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 Philippines. Keith 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.
- Pomelo is a new credit card that allows consumers to extend credit to family overseas to solve remittance transfer.
- "Pomelo is on a mission to change how international money transfer fundamentally works," said Eric Velasquez Frenkiel, Pomelo founder and CEO.
- 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."
- "Even when financial activity is conducted responsibly, individuals remain credit invisible unless it can be reflected on their credit score.