Total amount raised
$185M
Latest funding date
2024-04-22
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.
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 2021, 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. In January 2026, Pomelo was acquired by Zepz, the global payments group behind WorldRemit and Sendwave.
How Much Funding Has Pomelo Raised?
- Seed Round
- Amount Raised: USD 5,000,000
- Date: October 12, 2021
- Investors: Josh Buckley, Xfund, Afore Capital, Abel Tesfaye (The Weeknd); no lead investor explicitly stated
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart development of Pomelo's platform combining credit and international money transfer.
- Seed Round (with Warehouse Facility)
- Amount Raised: USD 20,000,000 equity + USD 50,000,000 warehouse facility (USD 70,000,000 total)
- Date: August 16, 2022
- Lead Investors: Keith Rabois (Founders Fund), Kevin Hartz (A* Capital)
- Other Investors: Afore Capital, Xfund, Josh Buckley, The Chainsmokers, The Weeknd
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To officially launch Pomelo's product and expand into the Philippines corridor.
- Series A (with Warehouse Facility Expansion)
- Amount Raised: USD 35,000,000 equity + USD 75,000,000 warehouse facility expansion
- Date: April 22, 2024
- Lead Investors: Vy Capital
- Other Investors: Founders Fund, A* Capital, Afore Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand Pomelo's credit-building remittance services.
Total Amount Raised: At least USD 185,000,000 based on disclosed funding (USD 60,000,000 in equity capital + USD 125,000,000 in warehouse/debt facilities). Current Valuation: Not publicly disclosed.
Key Investors
- Vy Capital
- Details: Vy Capital is a Dubai-based global technology investment firm focused on long-term investments in technology companies. They led Pomelo's Series A funding round in April 2024.
- Investment Focus Areas: Technology, long-term growth, innovation
- Notable Investments: Various global technology companies
- Keith Rabois (Founders Fund)
- Details: Keith Rabois is a prominent venture capitalist and entrepreneur at Founders Fund. He co-led the August 2022 seed round and participated in the Series A as a board member and early investor.
- Investment Focus Areas: Technology, startups, innovation
- Notable Investments: SpaceX, Palantir Technologies, Airbnb (via Founders Fund)
- Kevin Hartz (A* Capital)
- Details: Kevin Hartz is a well-known investor, co-founder of Xoom, and General Partner at A* Capital. He co-led the August 2022 seed round and participated in the Series A.
- Investment Focus Areas: Technology, startups, fintech
- Notable Investments: Not publicly disclosed
- Afore Capital
- Details: Afore Capital is an early-stage venture capital firm focused on pre-seed and seed investments in technology startups. They participated in both the October 2021 seed round and subsequent rounds.
- Investment Focus Areas: Technology, early-stage startups, innovation
- Notable Investments: Not publicly disclosed
- Josh Buckley
- Details: Josh Buckley is a solo capitalist and early backer of Pomelo, participating in the initial October 2021 seed round and the August 2022 seed round.
- Investment Focus Areas: Technology, startups
- Notable Investments: Not publicly disclosed
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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