Pomelo

Pomelo

Facilitates fee-free international money transfers

About Pomelo

Simplify's Rating
Why Pomelo is rated
B
Rated B on Competitive Edge
Rated B on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

51-200

Company Stage

Debt Financing

Total Funding

$53.5M

Headquarters

Salt Lake City, Utah

Founded

2020

Overview

Pomelo simplifies international money transfers, focusing on markets like the Philippines, Mexico, and India. It offers a mobile app and a card system that allows users in the U.S. to send money to family members abroad instantly and without fees. Recipients receive a Pomelo card to access funds immediately, eliminating the need for cash pickups. A unique aspect of Pomelo is that it uses credit for transactions, which helps users build their credit scores while sending money. The company generates revenue through interest and financial products related to credit cards. Pomelo's goal is to provide a seamless, cost-effective money transfer service while also supporting users in building a stronger financial future.

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Funded Recently
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Significant Headcount Growth
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Simplify's Take

What believers are saying

  • Pomelo's partnership with Thunes enhances its digital wallet integration in the Philippines.
  • The 'Send Now, Pay Later' model aligns with flexible payment trends, expanding market reach.
  • Pomelo's focus on secure transactions attracts security-conscious users, differentiating it from competitors.

What critics are saying

  • Increased competition from companies like Thunes could threaten Pomelo's market share.
  • Reliance on credit-based remittance models exposes Pomelo to financial risks from defaults.
  • Expansion into new markets may face cultural and regulatory challenges, slowing adoption.

What makes Pomelo unique

  • Pomelo offers fee-free international money transfers using credit instead of cash.
  • Pomelo's credit-based model helps users build credit scores in the United States.
  • Pomelo combines international money transfer with a rewards program, enhancing customer value.

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Funding

Total Funding

$53.5M

Above

Industry Average

Funded Over

3 Rounds

Notable Investors:
Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Debt Funding Comparison
Coming Soon

Benefits

Health Insurance

Parental Leave

Unlimited Paid Time Off

Travel Stipend

Wellness Stipend

Commuter Benefits

Sabbatical Leave

In Office Meals

Growth & Insights and Company News

Headcount

6 month growth

↑ 8%

1 year growth

↑ 14%

2 year growth

↑ 14%
PR Newswire
Feb 6th, 2025
Pomelo Launches First-Ever Rewards Program For International Money Transfer

SAN FRANCISCO, Feb. 6, 2025 /PRNewswire/ -- Pomelo, the first company to combine consumer credit with international money transfer, has released Pomelo Points, the industry's first points program for sending money overseas."Today marks another industry first - we're introducing the only points program in remittance," said Eric Velasquez Frenkiel, founder and CEO of Pomelo. "By combining zero-fee transfers with the ability to earn points, we're helping customers send extra joy to their loved ones, all while building their financial future."

Marketing Interactive
Dec 12th, 2024
Pomelo focuses on family connections in heartwarming Christmas campaign

International money transfer app Pomelo has collaborated with BBDO Guerrero to create a Christmas film campaign focused on family connections across international borders.

PR Newswire
Nov 21st, 2024
Pomelo Launches Most Secure International Money Transfer Product

Pomelo Bank Transfers are the most secure in international money transfer1, giving customers the confidence to trust where their money is going.SAN FRANCISCO, Nov. 21, 2024 /PRNewswire/ -- Pomelo International, the world's first fintech company to combine credit and international money transfer, has now made sending money from the US to the Philippines even safer. With the release of their bank transfer product, Pomelo has built enhanced recipient security, so that senders in the US can trust that their money is going to the person they intended

PYMNTS
Oct 22nd, 2024
Thunes Qr Code Payments Tool Streamlines Transactions For Travelers Visiting China

Thunes launched a payments tool to help travelers doing business in China. The company’s new QR Code Payments solution enables foreign mobile wallets and financial institutions to directly access China’s increasingly cashless economy, according to a Tuesday (Oct. 22) press release. The country has seen a 25% reduction in ATMs over the past six years, and Forbes reported that mobile payments account for over 85% of all Chinese transactions, the release said

PYMNTS
May 9th, 2024
Pomelo And Thunes Partner On International Money Transfer Solution

Pomelo and Thunes have partnered on an international money transfer solution from the United States to the Philippines. This credit-based digital wallet solution provides a remittance method that reduces costs and enables users to build their credit history in the U.S., the companies said in a Thursday (May 9) press release. The solution is enabled by Thunes’ digital wallet integration and Pomelo’s credit-powered remittance capabilities, according to the release

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