Pomelo Pay raises US$10 million led by Inference Partners to fuel global growth

Thursday 18 November 2021 15:35
Innovative digital payments company Pomelo Pay (Pomelo) announced today that it has raised US$10 million in a Series A round led by Inference Partners. The investment will allow the company to expand its presence across global markets including Europe and Asia, starting with plans to double their workforce in London, Singapore, Vietnam, Thailand, and the Philippines.

Launched in 2018 in UK and Singapore, Pomelo allows merchants to digitise their payment infrastructure and take payments from anyone, in any location (physical or digital), at low costs. The company provides integration with over 30 payment networks globally and its payments platform is also used by leading banks and non-banking financial institutions (NBFIs) for an improved acquiring experience, enabling them to offer the broadest suite of payment acceptance solutions to their end customers.

The company crossed US$500 million in total payments processed for 2021 and projects a growth of five times by 2022. The company has made several high-profile appointments recently, including Sonam Bhutia, former Commercial Director for Alipay in Southeast Asia, who joins as Chief Commercial Officer.

CEO and Co-founder, Pomelo Pay, Vincent Choi said, "This investment from Inference Partners comes at an opportune time where businesses in Southeast Asia have become accustomed to selling on digital platforms. We plan to capitalise on the huge pace of growth and adoption by partnering 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."

Endre Sagi, Managing Partner, Inference Partners, added, "Pomelo is perfectly positioned to address the market need for a best-in-class API first platform, allowing leading banks and NBFIs to seamlessly adopt the latest payments infrastructure. Pomelo's senior management's long-term vision and deep payments expertise is particularly impressive, and I believe Pomelo has potential to be a leader in the payments industry."

About Pomelo Pay

Pomelo Pay allows businesses to take payments from anyone, in any location, at a low cost and without the need for hardware. Headquartered in London, the firm has offices in Singapore and Vietnam.

About Inference Partners

Inference Partners is an independent technology investment firm exclusively focused on early-stage infrastructure software investments. Key focus areas include data and machine learning infrastructure, cybersecurity, capital markets, payment infrastructure and blockchain technologies.

Source:  PRNewswire/InfoQuest