August 19

Pomelo Exits Stealth Mode With $20 Million Seed to Rethink International Money Transfer

By Natasha Mascarenhas

Eric Velasquez Frenkiel had a seemingly simple thought when visiting his family in the Philippines, impressed by the cashless economy that had formed. Instead of sending money to his family once a year — a costly, fee-heavy affair — why can’t he just leave his credit card there?

As with many things in fintech, it wasn’t that simple. But the seed of the idea made the former enterprise chief executive turn his career into a bet on one of fintech’s most elusive problems.

Pomelo, Frenkiel’s new startup launching out of stealth today, wants to make it easier to send remittance payments and conduct international money transfers, with a credit twist.

Photo courtesy of Monito.

Source: TechCrunch (link opens in a new window)

Finance, Technology
cash transfers, financial inclusion, fintech, global development, remittances, startups