US-based Pomelo has announced the launch of a secure international money transfer solution that optimises payments from the US to the Philippines. By releasing the bank transfer product, Pomelo aims to scale recipient security, allowing senders in the US to trust that their funds are going to the individual they intended.

Since the start of its operations in 2020, Pomelo has been centring its efforts on enabling its customers to send money from the US to the Philippines, to bank accounts or GCash wallets from the Pomelo App, leveraging their Pomelo Mastercard or debit card. Making international transfers more secure The decision to launch the tool follows increased demand from customers, with them being worried when sending large amounts of money. To provide them with more security, the company utilised international modernisation of real-time settlement to provide them with a solution that meets their needs, demands, and preferences.

In addition to confirming a recipient’s identity with a government-issued photo ID, Pomelo is verifying the individual's bank account by sending a micro-deposit and having them confirm it before transferring the full amount. Representatives from Pomelo commented on the announcement, mentioning their company’s commitment to making international money transfers more optimised and secure, focusing on safeguarding both consumers and their money. Business investments in Pomelo Since the beginning of 2024, Pomelo completed two funding rounds, with the company collectively securing USD 75 million.

Back in January 2024, Pomelo raised USD 40 million in a Series B funding round led by VC Kaszek and with participation from Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures, and Alter Global. The capital injection was set to assist the company’s commitment to increasing and solidifying its payment technology and capabilities in Latin America, especially in Brazil, Mexico, and Colombia. Also, the company looked into continuing to invest in technology that could optimise card payments across the region.

Just three months after, Pomelo announced that it raised USD 35 million in a Series A funding round. Led by Vy Capital, the Series A brought total funds secured to date to USD 55 million in equity capital and USD 125 million for its warehouse facility. The newly acquired capital was set to be directed towards product and market expansion.

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