Pomelo is a niche fintech service provider located in Buenos Aires, Argentina. It is a new startup that aims to allow financial players to launch virtual accounts and issue a prepaid credit card via a compliant platform.
An onboard digital process that aims to help out the community and solve some of its clients' financial woes. In this piece, we’re going to give all the data on Pomelo — From what Pomelo is, all the way to what features the fintech has for its clients.
What is Pomelo?
The 2020 pandemic accelerated the need for merchants to accept digital payments across the world. While the vast majority of transactions are still done in cash, rates for digital payments have increased. In Latin America alone over 1 billion cards are circulating right now. Most banks only offer regional tools which are at best basic, Pomelo wishes to shift the paradigm — granting its user financial tech services that allow them to reach global clients and perfume international transactions.
As of 2021, Pomelo is supported in 7 countries and has over 2,000 businesses within its portfolio,
How does Pomelo work?
Pomelos’ goal is for every merchant to have access to key fintech tools they can use to grow their business. This includes new payment structures, access to brokerages, credit lines for their clients, etc.
Low-cost tools that up until now were only available to banks. This includes Innovative QR solutions, online shops and e-commerce platforms, contactless payments, this party access and, even an online menu maker for restaurants that alone allow them to be COVID-Safe.
Pomelo products are a series of API - Application Programming Interfaces. API’s are communication tools that give 3rd party providers access to data from financial institutions in an efficient and safe way. When a business contacts Pomelo or hires the platform, the service provider gives them access to a series of API. The merchant can then choose and pick from that menu of API - of services - and integrate them into their business right there and then. Pomelo does all the heavy lifting and takes care of all the customizations.
For example, let’s say you're a restaurant manager and need a quick delivery menu. Pomelo lets you integrate that API into your system. It allows you to create a menu, which you can update constantly, gives you access to a delivery service, to an online shop and all its payment tools, and other key features.
Also, like Starbucks current gift-card model, Pomelo can also give you access to prepaid club cards. You can give clients access to a card they can use in your shop, with discounts and other benefits. All the client has to do is choose this API and Pomelo does the rest — even printing and distributing the cards.
Right now, Pomelo's primary markets are Argentina, Mexico, and Brazil but they are rapidly expanding into other regions.
Pomelo Today
Pomelo right now is in its infancy. Nonetheless, in less than 3 rounds of founding, the company has managed to attract handsome investors. Amongst them are the founders of PayPal and Twitter. So far, as of 2021, it has amassed over $45Million in funding.
Right now, Pomelo is offering financial digital tools to hundreds of Latin American companies. Allowing these companies to offer fintech services to their clients without having to invest millions of dollars in development and maintenance.
With a swipe and a comparatively small sign up fee, companies can now afford fintech services that would have been prohibitive, due to their costs, a couple of years ago. In less than a couple of hours they can galvanize their platform and completely revitalize it. Offering products and services that would have taken them years to implement on their own.
Features of Pomelo
Pomelo’s main objective is to give merchants access to fintech tools that will allow them to simplify their business, to expand their services, and to reach new customers. Amongst them:
- A platform that allows you to track payments and sales.
- Access to global financial services, not just regional.
- Quicker pay and deposit.
- A 1.49% fee per transaction.
- Simple secure payments.
- QR Payments.
- Online shops.
- Payment links.
- Great support, not just bots, and machines, but actual human operators that can help you out.
- Access to prepaid cards.
- Online menu maker for restaurants.
