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Pomelo secures $35m in Series A funding to enhance global remittance services
Pomelo, a prominent player in the FinTech realm, has recently disclosed a significant financial upturn of $35 million in a Series A round.
Renowned for its integration of consumer credit with international money transfers, Pomelo concluded a successful Series A funding round, accruing $35 million in venture capital. Additionally, it secured a $75 million expansion of its warehouse facility, further solidifying its standing in the financial technology sector.
The Series A round was spearheaded by Vy Capital, Founders Fund, and A* Capital, showcasing robust investor confidence in Pomelo’s distinctive business model and promising prospects. These funds are poised to propel the company forward, establishing a sturdy foundation for future growth and innovation.
Distinguishing itself in the FinTech landscape, Pomelo facilitates international money transfers while concurrently aiding customers in building their consumer credit. This dual functionality addresses significant needs in the remittance market, offering a more advantageous financial service to global customers, especially those in underserved regions.
The newly acquired funds will primarily fuel the expansion of Pomelo’s credit-building remittance product. This initiative aims to augment the platform’s capabilities and reach, enhancing access to financial services for users worldwide and bolstering their financial well-being through innovative credit solutions.
In addition to its recent financial accomplishments, Pomelo has outlined detailed plans for these investments, focusing on technological enhancements and market expansion to better serve its expanding customer base. This strategic investment underscores Pomelo’s steadfast commitment to reshaping the remittance sector through technology-driven solutions.
Pomelo CEO Eric Velasquez Frenkiel remarked, “Our mission is to connect families in profoundly meaningful ways, and this latest funding round will enable us to continue innovating and assisting more customers and their loved ones worldwide.”
Previously, the company had amassed a total of $55 million in equity capital and $125 million for its warehouse facilities, underscoring a consistent track record of securing investment to bolster its innovative services.
Source: fintech.global
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