US-based consumer fintech Pomelo has raised $35m in its Series A funding round to expand the company’s credit-building remittance product.
The American firm has also secured a $75m expansion of its warehouse facility.
The venture capital and additional funding for warehouse facility have been raised from Vy Capital, Founders Fund, and A* Capital.
Pomelo said that the total funds secured to date have become $55m in equity capital and $125m for the warehouse facility.
Pomelo early investor and board member Keith Rabois said: “Pomelo stands out through a fundamentally different approach to remittance transfer by using credit as its foundation.
“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.”
Established in 2020, Pomelo is said to be the first financial technology platform that combines international money movement and consumer credit.
The consumer fintech also provides a remittance product that allows customers to send funds immediately with either a secured or unsecured credit line.
It was founded with the Philippines as its first corridor and has then added new payment options that improve the product experience for its customers.
Pomelo is headquartered in San Francisco, California. Its banking services are provided by Coastal Community Bank.
The Pomelo card is issued by Coastal Community Bank under the license issued by Mastercard International.
Pomelo recently rolled out the ability to send funds to GCash, the e-wallet in the Philippines. GCash complements Pomelo’s card product that has positively impacted the lives of customers and their families.