American consumer fintech company Pomelo, which has launched its platform in the Philippines, secured $35 million in venture capital in a new round of funding, bolstering its equity base to $55 million to date.
The California-based firm said the funding round was led by the Dubai-headquartered venture firm Vy Capital, with Founders Fund and A* Capital also participating.
Early investor and board member Keith Rabois said that the company’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,” said 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,” he added.
Pomelo launched here in 2022, allowing people based in the western country to send money to the Philippines.
The company said it has also recently made available the ability to send funds through GCash, one of the popular e-wallets in the country.
Pomelo said that their synergy with GCash allows Filipinos to have easy access to money remittances, while also giving US-based users the option to pay later.
Meanwhile, the company has also announced a $75-million expansion of its warehouse facility.
This new funding amount for its warehouse brings the total amount of funds raised for the facility to $125 million.