SG-based payments firm banks $10m in series A money

Pomelo Pay, a digital payments startup, has banked US$10 million in a series A round led by UK-based investment firm Inference Partners.

Image credit: Pomelo Pay

Launched in 2018 in Singapore and the UK, Pomelo Pay provides an integration with over 30 payment networks globally. It’s used by both banks and non-banking financial institutions (NBFIs).

The startup said it has processed over US$500 million in payments for the year, projecting a 5x increase by 2022. It also recently made new appointments such as that of Sonam Bhutia, former commercial director for Alipay in Southeast Asia, who joins Pomelo Pay as its chief commercial officer.

Pomelo Pay will use the new capital to further its product development efforts, make new hires, and enter new markets in Europe and Asia. The company said it currently has 50 people in its team across its headquarters in London and offices in Singapore and Vietnam.

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“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 Vincent Choi, CEO and co-founder of Pomelo Pay.

The company had last raised US$2.9 million in a seed round in December 2020 led by Force Over Mass, a VC firm focused on early-stage technology investments across the UK and Europe.