US fintech start-up Pomelo bags $35m Series A funding

Funding Details:
- Pomelo, a San Francisco-based fintech, has raised $35 million in a Series A equity funding round.
- Additionally, the company secured an additional $75 million for its warehouse facility.
Investors:
- The Series A round was supported by Vy Capital and existing backers A* Capital and Founders Fund.
Total Funds Raised:
- With this latest funding, Pomelo has raised a total of $55 million in equity capital and $125 million for its warehouse facility.
- Previously, the company raised $70 million in a seed funding round in 2022, consisting of $20 million in venture capital and a $50 million credit facility.
Intended Use of Funds:
- Pomelo plans to leverage the recent financing to expand its credit-building remittance solution.
- The company aims to innovate and assist more customers and their loved ones globally through its platform.
Company Background:
- Founded in 2020, Pomelo claims to be the first consumer fintech to enable international money movement with consumer credit.
- Its platform offers a remittance service allowing immigrants to send money instantly with either a secured or unsecured credit line.
Founder’s Statement:
- Eric Velasquez Frenkiel, founder and CEO of Pomelo, emphasizes the company’s mission to connect families and states that the latest funding round will enable them to innovate and assist more customers worldwide.