A* Capital, Founders Fund, and Vy Capital also invested in Pomelo. The company also managed to arrange a $75 million expansion for its warehouse.

The Pomelo Mastercard and app, issued by Coastal Community Bank, are accessible to US citizens and permanent residents who are at least 18 years old. Once overseas family members are added to the cardholder's family plan, they can join it. These individuals receive a real and virtual card that they can use for both in-person and online purchases.

Customers get the greatest real-time currency rate for every transaction they make, according to Pomelo. Pomelo does not charge transfer fees to customers because it pays the merchant using interchange and daily foreign exchange rates, in contrast to traditional money transfer services.

The product's initial corridor upon inception in 2022 was the Philippines. Since then, it has added more payment choices, most notably the capacity to transfer money to the well-known e-wallet GCash.

"Pomelo stands out through a fundamentally different approach to remittance transfer by using credit as its foundation," states Keith Rabois, a board member and early investor in the company. Beyond just making it easier to move money across borders, the solution unlocks value and ultimately paves the road for clients and their families to have better financial futures."