1 December 2020: Digital payments start-up Pomelo Pay has secured a £2.1million investment in a seed funding round led by Force Over Mass.
The funding will enable the hardware-free digital payment service provider to grow its offering and continue to help businesses – from independent start-ups to multinationals – navigate the current economic climate by enabling them to take digital payments easily and immediately.
Pomelo Pay allows businesses to take payments from anyone, in any location (physical or digital), at a low cost and without the need for hardware. Its offer, which combines the latest QR code, API and NFC technology, provides a flexible payment solution for a broad range of payment options including in-person payments, payment links, online shops, contactless table ordering and menu makers.
Pomelo Pay serves companies across a multitude of sectors, including construction and trades, food and drink and travel and hospitality. Its flexible approach enables businesses to quickly adapt to changing circumstances while operating safely and securely.
The investment will also be used to expand Pomelo Pay’s rapidly growing team and build on its international reach, which includes offices in London and Singapore, with an expanded presence in countries across Europe and Asia.
Founded in 2017 by a team of financial services and tech specialists, Pomelo Pay has seen a significant increase in demand this year, with average growth in excess of 25% month-on-month. This acceleration of growth has been prompted by a greater appetite for cashless payment options as businesses take steps to Covid-proof their operations, but also prepare for the lifting of lockdown restrictions and subsequent economic recovery.
Vincent Choi, CEO and Co-Founder of Pomelo Pay, said: “We appreciate from our diverse client base that it has been a challenging year for businesses across a huge range of sectors. We are therefore very proud to have been able to provide our customers with a selection of low-cost and user-friendly tools that make their lives easier. Whether that’s using phones to take payments, creating online shops, or sending payment links for jobs completed, we help to lighten the load.
“The investment we have just secured will help us to expand our operations; shaking up the payments world by removing financial admin headaches for growing businesses and allowing them to focus on what they do best.”
Wouter Volckaert, Partner at Force Over Mass, said: “Pomelo Pay gives merchants the flexibility their clients need, providing support for a broad range of payment options in today’s ever more fragmented payments ecosystem. As the shift towards cashless payments has accelerated, we’ve been impressed by Pomelo’s experience navigating different payment ecosystems around the globe. We are very excited to join Vincent and the team on the journey ahead.”
In September, Pomelo Pay was selected to join Tech Nation’s Fintech 3.0, a growth programme for the best and brightest UK fintechs.