Pomelo, Inc.
<p><strong><span class="legendSpanClass"><span class="xn-location">SAN FRANCISCO</span></span></strong> &#8212; <u>Pomelo</u> has raised a Series Seed of $20 million in venture capital and <span class="xn-money">$50 million</span> in warehouse facility for a total of <span class="xn-money">$70 million</span> in seed financing, and is the first company to combine credit and international money transfer. Pomelo also announced its official launch and availability to serve its first corridor, <span class="xn-location">the Philippines</span>.</p>
<p><span class="xn-person">Keith Rabois</span> at Founders Fund as well as <span class="xn-person">Kevin Hartz</span>, Co-Founder of Xoom and General Partner, at A* Capital led the round with Afore Capital, Xfund, <span class="xn-person">Josh Buckley</span>, the Chainsmokers, and the Weeknd also investing in the round.</p>
<p>&#8220;Pomelo is on a mission to change how international money transfer fundamentally works,&#8221; said <span class="xn-person">Eric Velasquez Frenkiel</span>, Pomelo founder and CEO. &#8220;Our goal is to help our customers establish their financial future here in <span class="xn-location">the United States</span> 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. 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.&#8221;</p>
<p>Frenkiel brings entrepreneurship and engineering experience from his previous work at other startups. Prior to founding Pomelo, he co-founded Singlestore, now valued at over <span class="xn-money">$1 billion</span>, which he led as CEO from 2011 to 2017. A graduate of <span class="xn-org">Stanford University&#8217;s</span> School of Engineering and early engineer at Meta, Frenkiel was previously named on the Forbes 30 under 30 list of technology innovators for Singlestore. Frenkiel founded Pomelo after many years of experiencing the challenges of money transfer firsthand.</p>
<p>The company also announced its official launch and availability of the product to serve the US-Philippines corridor. After several months in private beta, customers love the fact that the product is both free and personally beneficial.</p>
<p>&#8220;It&#8217;s been a game changer for me. Pomelo is so much easier than sending money, and the instant feedback on my family&#8217;s spending gives me peace of mind,&#8221; said <span class="xn-person">John Simbajon</span>, a physical therapist who sends money to three family members in Bohol, Cebu, and Cagayan de Oro in <span class="xn-location">the Philippines</span> with Pomelo. &#8220;We&#8217;ve saved money with the real-time exchange rates and no transfer fees. Pomelo makes me the &#8216;bank&#8217; for my family.&#8221;</p>
<p>&#8220;When it comes down to it, banking is about trust,&#8221; said <span class="xn-person">Eric Sprink</span>, Coastal Community Bank president and CEO. &#8220;Pomelo is weaving together expertise in financial technology with a true focus on the people at the heart of its business. Pomelo gives U.S. immigrants and their families an opportunity to build a financial future, which is why we were eager to be involved.&#8221;</p>

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