- Pomelo, which is a financial technology company, has received US$20m of investment as part of a Series Seed round, with funding coming from sources such as Founders Fund and the co-founder of Xoom.
- According to press reports, US citizens and those who have been permanently residing in the US for more than 18 years are permitted to use the Pomelo Mastercard.
- “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,” said a senior spokesperson for the firm.
Pomelo, a provider of online money transfer services, has confirmed that it has raised US$20m to help simplify international money transfers.
The firm, which is a financial technology company, received the investment as part of a Series Seed round.
The funding came from Keith Rabois, who is part of Founders Fund; Kevin Hartz, who is the co-founder of Xoom; and Xfund.
According to press reports, those who have been permanently resident in the US for more than 18 years or have citizenship are permitted to use the Pomelo Mastercard.
This card will be issued by Coastal Community Bank, which has been given the right to operate following the handing over of a license from Mastercard International.
The service can be accessed via a mobile phone app, and customers will access the service through a ‘family plan’ system, allowing their loved ones to also participate.
“Pomelo is on a mission to change how international money transfer fundamentally works,” said Eric Velasquez Frenkiel, the chief executive officer and founder of the company.
“Our goal is to help our customers establish their financial future here in the US by building positive credit history with their existing remittance obligations, and to financially include their loved ones in emerging economies with access to modern financial instruments,” he explained.
“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.”
In addition to this move, the company is thought to be preparing to focus for a period on the US-Philippines payments corridor.
It is set to produce some new product and service offerings for this region.
This is just one of a number of big developments in the international payments sector at the moment. To get more information about how the industry is evolving and what it can offer you, head over to our money transfer reviews pages.