Total amount raised
$20 Millions
Latest funding date
August, 2022
Location
Pomelo has successfully raised funds through multiple rounds, attracting notable investors such as Vy Capital and Founders Fund. The platform offers a unique combination of consumer credit and international money transfer services.
Keep reading to explore the intricacies of Pomelo's fundraising journey and the investors backing this innovative platform.
What Is Pomelo?
Pomelo, founded in 2020 by Eric Frenkiel, is a financial technology platform based in San Francisco, California. The company combines consumer credit with international money transfer services, aiming to provide immigrants with a cost-effective way to share funds with their loved ones abroad.
With a team of 51-100 employees, Pomelo offers a unique service that integrates credit and international money movement, enabling financial empowerment and global connectivity. The platform is designed to help families connect and thrive across borders.
Pomelo's innovative approach has attracted significant attention and investment, positioning it as a key player in the fintech industry. The company's mission is to make financial services more accessible and affordable for everyone.
How Much Funding Has Pomelo Raised?
- Seed Round
- Amount Raised: $5M
- Date: October 2021
- Lead Investors: Afore Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Pomelo's platform and services.
- Seed Round
- Amount Raised: $20M
- Date: August 2022
- Lead Investors: Keith Rabois, Kevin Hartz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Debt Financing
- Amount Raised: $50M
- Date: August 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and scale the business.
- Series A
- Amount Raised: $35M
- Date: April 2024
- Lead Investors: Vy Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and expand market reach.
- Debt Financing
- Amount Raised: $75M
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and support international expansion.
Total Amount Raised: $185M. Current Valuation: Not publicly disclosed.
Key Investors
- Vy Capital
- Details: Vy Capital is a global technology investment firm known for its focus on long-term investments in innovative companies. The firm has a strong presence in the tech industry and has backed several high-growth startups.
- Investment Focus Areas: Technology, FinTech, Consumer Internet
- Notable Investments: Reddit, Zomato, UrbanClap
- Founders Fund
- Details: Founders Fund is a venture capital firm that invests in companies building revolutionary technologies. Founded by Peter Thiel, the firm has a reputation for backing bold and transformative ideas.
- Investment Focus Areas: Aerospace, Artificial Intelligence, Biotechnology
- Notable Investments: SpaceX, Palantir Technologies, Airbnb
- Keith Rabois
- Details: Keith Rabois is a partner at Founders Fund and the CEO of Opendoor. He has a rich history in the tech industry, having held executive roles at Square and LinkedIn.
- Investment Focus Areas: Technology, Real Estate, FinTech
- Notable Investments: Opendoor, Affirm, DoorDash
- Kevin Hartz
- Details: Kevin Hartz is the co-founder and CEO of Xoom, a digital money transfer service. He is also a partner at Founders Fund and has a strong background in FinTech.
- Investment Focus Areas: FinTech, Technology, Consumer Internet
- Notable Investments: Eventbrite, Airbnb, Pinterest
- Afore Capital
- Details: Afore Capital is a venture capital firm that focuses on early-stage investments. The firm is known for its hands-on approach and support for startups in their initial growth phases.
- Investment Focus Areas: Technology, FinTech, SaaS
- Notable Investments: Modern Health, Petal, Pie Insurance
What's Next for Pomelo?
Pomelo stands at the cusp of significant growth, with the global remittance market offering a vast opportunity. By providing a cashless and free service, Pomelo can tap into billions of dollars transferred internationally each year. The credit card market also presents substantial growth potential, especially in regions with underbanked populations.
Future fundraising rounds seem likely as Pomelo scales its operations and demonstrates growth. Strategic partnerships or investments from other financial institutions or fintech investors could further bolster its expansion. However, the company may face regulatory hurdles in different countries and competition from established financial institutions and other fintech startups.
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