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.
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.
Back in April 2024, Pomelo secured a USD 35 million Series A funding round and a USD 75 million expansion of its warehouse facility from Vy Capital, Founders Funds, and A* Capital. This brought the total funds raised 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. At that time, the company's next target market was Mexico, with officials mentioning that the region is among the largest corridors for the US.
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