About Pomelo
Pomelo simplifies international money transfers, focusing on markets like the Philippines, Mexico, and India. It provides 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, enabling them to access funds immediately without cash pickup. A unique aspect of Pomelo is that it uses credit for transfers, which helps users build their credit scores in the U.S. Each purchase made by the recipient contributes to the sender's credit score, offering a dual benefit. Pomelo's goal is to provide a seamless, cost-effective money transfer service while also promoting financial growth for its users.
Salt Lake City, UtahHeadquarters
2020Year Founded
$53.5MTotal Funding
DEBTCompany Stage
Fintech, Financial ServicesIndustries
51-200Employees
Benefits
Health Insurance
Parental Leave
Unlimited Paid Time Off
Travel Stipend
Wellness Stipend
Commuter Benefits
Sabbatical Leave
In Office Meals
Risks
Increased competition from companies like Thunes could capture market share.
Regulatory challenges may arise in expanding to new markets like Mexico.
Dependence on partnerships poses risks if dynamics change or priorities shift.
Differentiation
Pomelo offers fee-free international money transfers using credit instead of cash.
The company helps users build credit scores through international transactions.
Pomelo's mobile app and card system provide instant access to transferred funds.
Upsides
Pomelo raised $35M in Series A funding, enhancing its financial capabilities.
Partnership with Thunes expands Pomelo's reach in the Philippines market.
Integration with digital wallets like GCash increases accessibility for recipients.
Funding
Total raised$53.50 M
Latest valuation$175.00 M
StageDEBT
DEBT
3/31/2024$75
SERIES A
3/31/2024$35
$175.00 M$20
$100.00 M