US fintech start-up Pomelo bags $35m Series A funding
Pomelo has raised $35 million in a Series A equity funding round while also securing an additional $75 million for its warehouse facility.
Pomelo bags $35m Series A
The round was supported by Vy Capital and existing backers A* Capital and Founders Fund.
This latest cash injection brings the San Francisco-based start-up’s total funds raised to date to $55 million in equity capital and $125 million for its warehouse facility, adding to the $70 million raised as part of a seed funding round in 2022, which comprised of $20 million in venture capital and a $50 million credit facility.
The fintech intends to leverage its most recent financing to expand its credit-building remittance solution.
Founded in 2020, Pomelo claims to be the “first consumer fintech to enable international money movement with consumer credit”, with its platform offering a remittance service that allows immigrants to send money instantly with either a secured or unsecured credit line.
Eric Velasquez Frenkiel, founder and CEO of Pomelo, explains the new funding will further the firm in its mission “to connect families”, stating this latest round will enable the company to “innovate and help more customers and their loved ones around the world”.
