Zepz Acquires Pomelo to Push Beyond Remittances Into Credit Cards

Zepz Acquires Pomelo to Push Beyond Remittances Into Credit Cards

Zepz, the global funds group behind WorldRemit and Sendwave, has acquired Pomelo, a fintech platform identified for providing the “first credit card built for money transfer.”

The deal marks a big strategic pivot for Zepz, signaling its intent to evolve past pure cross-border funds into broader monetary companies, including lending and credit score constructing.

Merging credit score with remittance

Mark Lenhard, CEO of Zepz

Based in San Francisco with a strong foothold in the Philippines, Pomelo has carved out a distinct segment by integrating client credit score with global remittances. Unlike conventional cash switch companies that require upfront money, Pomelo permits customers to ship cash utilizing credit score, eliminating money advance charges and high APRs usually related to utilizing bank cards for transfers.

Crucially, the product allows customers to build their credit score historical past by their remittance obligations—a feature designed to serve cross-border communities that are often excluded from mainstream monetary scoring methods.

Mark Lenhard, CEO of Zepz, described the transfer as a “natural next step” in the company’s evolution.

“It will allow us to offer customers access to cards and credit services, and supports our broader ambition of financial empowerment for cross-border communities,” Lenhard said. “Pomelo is a strong product built by a fantastic team, and we’re looking forward to extending these capabilities together over the long term.”

Strategic expansion

Eric Velasquez Frenkiel, CEO at Pomelo

The acquisition builds on Zepz’s current product expansions, such as the Sendwave Wallet, and goals to strengthen its place in core markets like the Philippines, the place each firms already possess deep local data.

By bringing Pomelo’s team and technology in-house, Zepz plans to broaden its income combine and enhance buyer retention by providing a more full suite of monetary planning instruments.

Eric Velasquez Frenkiel, CEO at Pomelo, commented: “Zepz shares our focus on serving cross-border communities and has tremendous potential to accelerate access to credit and everyday financial tools for people who have historically been underserved.”

While the acquisition has been finalised, Zepz famous that the Pomelo product has been “temporarily paused” for patrons while the technology is built-in into the wider Zepz product roadmap. The company has not yet specified a timeline for the relaunch.

Stay informed with the latest headlines that matter. At TheGossipBlogger.com, we ship well timed and credible coverage on breaking news, global occasions, politics, society, and the whole lot in between.

Whether it’s unfolding developments, coverage adjustments, or highly effective human-interest tales, our newsroom curates impactful content to hold you up to date in real time.

From local points to worldwide affairs, we break down complicated tales with readability, context, and a deal with what’s related to you.

Bookmark News and verify in often — because staying informed is the first step towards staying ahead.