San Francisco / Singapore, 9 May 2024: Thunes, a global money movement innovator, has  joined forces with Pomelo, a pioneering credit-powered remittance company and credit card  issuer, to introduce a groundbreaking international money transfer solution from the United States  to the Philippines. This strategic partnership transforms the way remittances are handled via  Thunes’ digital wallet integration, reducing costs and connecting families in new ways.  

Pomelo disrupts traditional remittance methods: instead of transferring money through money  transfer operators or banks, Pomelo underwrites each of its customers to provide a credit line to  fund their remittance transfers while simultaneously building their credit history in the United  States. This innovation makes Pomelo the first financial technology solution to enable a more  proactive take on cross border money transfer in the global remittance market. Pomelo does this  by providing user’s families continued access to a line of credit to spend, while the primary user  pays the bill on a monthly cadence.  

Card holders can immediately transfer their Pomelo credit line into the recipient’s GCash digital  wallet via Thunes’ extensive network. According to GlobalData’s 2023 research, 88% of Filipinos  have used digital wallets in the last year, with 89% using the GCash brand. 

In addition to sending directly to digital wallets like Gcash, the Pomelo cardholder can support up  to three family members or friends anywhere in the world. This innovative business model  provides both payees and recipients access to highly competitive exchange rates and reduces  money transfer costs. According to the World Bank, traditional money transfer companies typically  charge fees averaging 6%, whereas Pomelo’s model incurs no transfer fees to the customer. 

This solution serves the US/Philippines remittance corridor, one of the world’s largest cross border payment flows. Future plans include expanding this service to other popular  US/international markets, such as Mexico and India. 

Thunes has deep capabilities in emerging markets, connecting with over 550 of the world’s most  popular payment methods, including bank accounts, digital wallets and apps, and is highly  experienced at partnering with fintechs on cross-border payment integrations. 

Floris de Kort

Floris de Kort, CEO of Thunes, said: “Pomelo has the potential to transform remittance  payments worldwide. This partnership aligns perfectly with Thunes’ ambition to make cross-border payments faster, more transparent and more affordable, by connecting to over 3 billion  digital wallets and 4 billion bank accounts. By providing payouts to the GCash digital wallet, we’re  getting funds to family members instantly, how and when they need it most.” 

Eric Velasquez Frenkiel

Eric Velasquez Frenkiel, Founder and CEO of Pomelo, added: “Sending remittances used to  be costly, slow and unreliable. At Pomelo, we’re changing how international money transfer works  by helping customers build a credit history in the US while supporting their loved ones across  borders. Thunes’ emerging markets expertise will be integral to helping us launch our digital wallet  integration quickly to move money into the local payment methods of choice, initially in the  Philippines/US corridor and beyond, as we expand our reach of services.” 

Pomelo first launched in August 2022, and in April 2024 secured $35 million in a Series A round  led by Dubai Venture firm Vy Capital, along with Founders Fund and A* Capital. The company  also announced a $75 million expansion of its warehouse facility. 

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