Pomelo Pay, a digital payments service, has raised $10m in its Series A funding round, led by UK-based independent investment firm Inference Partners.
The investment, Pomelo Pay explained, will allow it to expand its presence across global markets including Europe and Asia, starting with plans to double its workforce in London, Singapore, Vietnam, Thailand, and the Philippines. The firm currently has 50 people in its team across its headquarters in London and offices in Singapore and Vietnam.
Pomelo last raised a $2.9m seed investment in December 2020 led by Force Over Mass, who also invested in this recent round.
Launched in 2018 in UK and Singapore, Pomelo allows merchants to digitise their payment infrastructure and take payments from anyone, in any location (physical or digital), at near zero costs. The company provides an integration with over 30 payment networks globally. Its payments platform is also used by leading banks and non-banking financial institutions (NBFIs).
The company experienced a strong 2021, with $500m in total payments processed for the year, and continued growth into 2022 anticipated. In May this year, the company partnered with Mastercard, which allowed it to issue payment cards directly to its SME customer base and make direct payment settlements with Mastercard on behalf of its merchants.
Vincent Choi, CEO and co-founder of Pomelo Pay said, “This investment from Inference Partners comes at an opportune time where businesses and SMEs in Southeast Asia have become accustomed to selling on digital platforms.
“We plan to capitalise on the huge pace of growth and adoption by partnering banks and NBFIs from emerging markets to offer merchants easy and affordable payment solutions to help them innovate their business and grow their customer base.”
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