After several months in private beta, customers love the fact that the product is both free and personally beneficial. The company also announced its official launch and availability of the product to serve the US-Philippines corridor. Frenkiel founded Pomelo after many years of experiencing the challenges of money transfer firsthand. A graduate of Stanford University’s School of Engineering and early engineer at Meta, Frenkiel was previously named on the Forbes 30 under 30 list of technology innovators for Singlestore. Prior to founding Pomelo, he co-founded Singlestore, now valued at over $1 billion, which he led as CEO from 2011 to 2017. For many of our customers, Pomelo is their first credit card here in the US and the very first card for their loved ones overseas.”įrenkiel brings entrepreneurship and engineering experience from his previous work at other startups. “Our goal is to help our customers establish their financial future here in the United States by building positive credit history with their existing remittance obligations, and to financially include their loved ones in emerging economies with access to modern financial instruments. “Pomelo is on a mission to change how international money transfer fundamentally works,” said Eric Velasquez Frenkiel, Pomelo founder and CEO. Keith Rabois at Founders Fund as well as Kevin Hartz, Co-Founder of Xoom and General Partner, at A* Capital led the round with Afore Capital, Xfund, Josh Buckley, the Chainsmokers, and the Weeknd also investing in the round.
Pomelo also announced its official launch and availability to serve its first corridor, the Philippines.
#POMELLO SAN FRANCISCO SERIES#
SAN FRANCISCO - Pomelo has raised a Series Seed of $20 million in venture capital and $50 million in warehouse facility for a total of $70 million in seed financing, and is the first company to combine credit and international money transfer.
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