Fintech Firm, Pomelo Pay, Raises $10 Million in Series A
Fintech-as-a-Service (FaaS) firm, Pomelo Pay, raises $10M in Series A funding round led by Inference Partners.
Singapore and UK-based fintech firm, Pomelo Pay, initiated in 2018 to transform the payment system by digitalizing it. The startup provides integration with over 30 payment networks globally. It has raised $10 million in the latest funding round led by Inference Partners.
The financial services provided by the company are being used by both banks and non-banking financial institutions (NBFIs). It allows local merchants to make payments in between without any hurdles and digitize their payment infrastructure. Current banking applications, as well as non-banking financial institutions, do not have a very good user experience. They are using the services of Pomelo Pay to enhance the user experience and offer advanced features like payment acceptance solutions to their customer base.
As per the latest reports, Pomelo Pay has processed over $500 million in payments in 2021. Moreover, the number is expected to increase five-fold by the coming year. The company has seen remarkable growth in a very short period of time. This can be assessed from the fact that it has made some high profile recruitments which include Somnam Bhutia, ex-commercial director of Alipay in South Asia. However, she joined Pomelo Pay as CCO, Chief Commercial Officer.
The fintech firm, Pomelo Pay, plans to use the current investment to accelerate its global growth. Moreover, the company is looking forward to expanding its services in Europe and Asia by increasing its workforce in London, the Philippines, Singapore, and Thailand.
“We plan to [capitalize] on the huge pace of growth and adoption by partnering [with] banks and NBFIs from emerging markets to offer merchants easy and affordable payment solutions to help them innovate their business and grow their customer base,” said the CEO, Vincent Choi.
The divide in technology is aside, many developing and under-developed countries fail to use global payment methods because of their limitations. This creates unwanted problems for them. Although digital solutions are popular these days to counter this yet a lot of work is pending. As sources claim, the market of the Fintech industry will reach $190 by the end of 2026. It depicts that fintech applications are in high demand these days.
These fintech applications are revolutionizing the banking sector with the help of technology. For example, big data is being used to improve user experience, AI is being used to assist with artificially intelligent guidelines.