Pomelo, a FinTech company, has recently announced a significant boost to its finances of $35m in a Series A round.
The firm, known for integrating consumer credit with international money transfers, successfully closed a Series A funding round, amassing $35m in venture capital. Additionally, it secured a $75m expansion of its warehouse facility, both milestones further cementing its reputation in the financial technology sector.
The Series A was led by Vy Capital, Founders Fund, and A* Capital, highlighting strong investor confidence in Pomelo’s unique business model and future prospects. These funds are set to propel the company forward, providing a solid foundation for future growth and innovation.
Pomelo stands out in the FinTech landscape by enabling customers to send money internationally while simultaneously building their consumer credit. This dual-functionality addresses significant needs in the remittance market, offering a more beneficial financial service to global customers, particularly those in underserved regions.
The new funds will primarily be directed towards expanding Pomelo’s credit-building remittance product. This initiative aims to enhance the platform’s capabilities and reach, improving access to financial services for users worldwide and boosting their financial health through innovative credit solutions.
In addition to its latest financial achievements, Pomelo has detailed plans for these investments, focusing on technological upgrades and market expansion to better serve its growing customer base. This strategic investment underscores Pomelo’s commitment to redefining the remittance sector through technology-driven solutions.
Pomelo CEO Eric Velasquez Frenkiel said, “Our mission is to connect families in profoundly important ways and this latest funding round will allow us to continue to innovate and help more customers and their loved ones around the world.”
Previously, the company had raised a total of $55m in equity capital and $125m for its warehouse facilities, indicating a consistent track record of securing investment to bolster its innovative services.
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