Pomelo bags spot for ‘promising fintech companies’

MANILA, Philippines — Fintech firm Pomelo said that it placed a spot in the list of the global venture capital firm GGV Capital’s Innovation 50 list for 2024 for being one of the most
“promising fintech companies in the eyes of investors.”

This development follows reports that Pomelo has successfully secured $35 million in venture capital from multiple investors, coupled with a substantial $75 million expansion of its warehouse facility.

In a press release, the firm said that the total funds in equity capital had been raised to $55 million and secured $125 million for its warehouse facility. 

“This accolade recognizes Pomelo for advancing a $650 billion global remittance industry by empowering customers to build credit with their remittance funds and obligations for the first time,” the firm’s press release read. 

According to Pomelo, the investors who provided funding include Vy Capital, with full participation from Founders Fund and A* Capital.

Keith Rabois, a technology executive and investor said that Pomelo’s “novel product experience” has the potential to “deliver enhanced value to an underserved market.”

“Pomelo stands out through a fundamentally different approach to remittance transfer by using credit as its foundation,” Pomelo’s press release read, quoting Rabois.

“The product unlocks value beyond facilitating cross-border money movement; it’s ultimately a pathway to establishing better financial futures for customers and their families,” it added. 

Pomelo, founded in 2022 with the Philippines as its initial focus, has since broadened its product offerings to include new payment options, notably facilitating transfers to Gcash.

With the allowance of the firm to transfer funds with Gcash, it is said to have “positively impacted customers” and families. 

Pomelo is a financial technology platform that combines international money movement and consumer credit, and offers a remittance product that enables customers to send funds immediately with either a secured or unsecured credit line.