Total amount raised
$20 Million
Latest funding date
8/1/2022
Location
Pomelo has raised funding over five rounds, with the latest being a Debt Financing round. The company has attracted a total of 11 investors, including notable names like Vy Capital and Founders Fund.
Pomelo offers a financial service platform that allows users to send money to the Philippines and Mexico with no transfer fees, featuring the Pomelo Mastercard® for seamless transactions. Keep reading to explore the intricacies of Pomelo's fundraising journey and the investors backing this innovative platform.
What Is Pomelo?
Pomelo is a financial technology company based in San Francisco, California, specializing in international money transfers, particularly to the Philippines and Mexico. The company operates with a workforce of 51-100 employees and is recognized for combining consumer credit with international money movement.
Founded in an unspecified year, Pomelo offers a unique service where users can send money using a Pomelo Mastercard® with no transfer fees and earn points for every transaction. The company emphasizes security with features like biometric security, one-time password authentication, and advanced encryption.
How Much Funding Has Pomelo Raised?
- Seed Round
- Amount Raised: USD 5,000,000
- Date: October 2021
- Lead Investors: Afore Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Pomelo's financial technology platform.
- Seed Round
- Amount Raised: USD 20,000,000
- Date: August 2022
- Lead Investors: Keith Rabois, Kevin Hartz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Pomelo's services and enhance its platform capabilities.
- Debt Financing
- Amount Raised: USD 50,000,000
- Date: August 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and scale the business.
- Series A
- Amount Raised: USD 35,000,000
- Date: April 2024
- Lead Investors: Vy Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand Pomelo's services.
- Debt Financing
- Amount Raised: USD 75,000,000
- Date: April 2024
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Pomelo's growth and expansion in the financial technology sector.
Total Amount Raised: USD 185,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Vy Capital
- Details: Vy Capital is a global technology investment firm that focuses on long-term investments in technology companies. They participated as a lead investor in Pomelo's Series A funding round.
- Investment Focus Areas: Technology, long-term growth, innovation
- Notable Investments: Facebook, Alibaba, Uber
- Keith Rabois
- Details: Keith Rabois is a prominent venture capitalist and entrepreneur known for his investments in various technology startups. He was a key investor in Pomelo's seed funding round.
- Investment Focus Areas: Technology, startups, innovation
- Notable Investments: Not publicly disclosed
- Kevin Hartz
- Details: Kevin Hartz is a well-known investor and entrepreneur, co-founder of Eventbrite. He also invested in Pomelo during its seed funding round.
- Investment Focus Areas: Technology, startups, innovation
- Notable Investments: Not publicly disclosed
- Afore Capital
- Details: Afore Capital is an early-stage venture capital firm that focuses on investing in technology startups. They were a key investor in Pomelo's initial seed round.
- Investment Focus Areas: Technology, early-stage startups, innovation
- Notable Investments: Not publicly disclosed
- Founders Fund
- Details: Founders Fund is a venture capital firm known for investing in companies with transformative technologies and innovative business models. They participated in Pomelo's Series A funding round.
- Investment Focus Areas: Aerospace, artificial intelligence, advanced computing, energy, healthcare
- Notable Investments: SpaceX, Palantir Technologies, Airbnb
What's Next for Pomelo?
Pomelo's recent $35 million Series A funding marks a significant milestone, positioning the company to capitalize on the growing demand for seamless, cashless international money transfers. This funding, led by VY Capital and Founders Fund, underscores investor confidence in Pomelo's innovative approach to combining remittance and credit services.
As Pomelo scales its operations, future fundraising opportunities are likely, enabling further expansion and enhancement of its platform. However, the company must navigate challenges such as competition from other fintech firms and regulatory hurdles in various markets. Ensuring robust security measures will be crucial to maintaining user trust and sustaining growth.
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