Pomelo, a San Francisco-based fintech startup, has risen $ 5 million in seed financing how people send money to flip abroad.
The financing round was attended by investors such as Josh Buckley, Xfund, Afore Capital and capitalist Abel Tesfaye. The startup has also partnered with organizations such as MasterCard, Coastal Community Bank and TransUnion. Eric Sprink, president and CEO of Coastal Community Bank, said of the startup’s potential to disrupt the industry:
“In that regard, the bank has confidence. Pomelo is specializing in financial technology with a real focus on the people at the core of his business. Pomelo allows U.S. immigrants and their families to build an economic future, which is why we were eager to get involved. ”
Pomelo was created in 2020 with the mission of combining credit and international remittances, a unified platform that allows users to create credits without paying fees. The money transfer experience has not taken advantage of the rapid technological development of the past week, and has affected millions of immigrants in the process. Eric Velasquez Frenkiel, founder and CEO of Pomelo, mentioned how the startup will change that reality by saying:
“Grapefruit is a mission to make the American dream more accessible to U.S. immigrants, while providing financial stability to their families at home. “Pomelo intends to change that.”
Submissions are the most important link between migration and development, with a volume of $ 508 billion in 2020, 7.2% less than the previous year. Pomelo believes it can revolutionize the industry by providing more convenience not only by providing an accessible service that encourages development in the United States and elsewhere.