Pomelo prepares for expansion of platform business
Fintech platform Pomelo today announces preparations to support the expansion of its Payment Platform as a Service (PPaaS) offering with a brand uplift and a wider regional presence in Asia and Europe. The move will enable Pomelo’s PPaaS platform to continue to capitalise on growing demand for digital payments which has accelerated rapidly following the COVID-19 pandemic.
Pomelo provides financial institutions and enterprises with a unified B2B payment platform solution to boost revenue and lower costs by increasing payment efficiencies across the financial ecosystem. It offers ready-to-use payment rails, intuitive merchant acquiring infrastructure and access to the latest technology, designed with configurable modular features and microservices.
Pomelo was founded in 2017 in the UK and began by helping businesses digitise their payment infrastructure and take payments from anyone, anywhere at a low cost and without the need for expensive point-of-sale hardware. It continues to provide these solutions directly to businesses in the UK as Pomelo Pay and leverages this experience to enhance its expanding PPaaS offering that can be used on a white label basis by financial institutions and enterprises.
Headquartered in London, UK, with a regional headquarter in Singapore, and offices in Vietnam, Thailand and Hong Kong, Pomelo continues to expand its footprint by working with banks, non-bank financial institutions (NBFIs), fintech and enterprises across Asia and Europe. The brand uplift, which includes a refreshed logo and new website, helps support this ambition.
Vincent Choi, CEO and co-founder of Pomelo said: “This represents an exciting new chapter and look for Pomelo and reflects our mission to help businesses propel forward with smart, accessible financial technology solutions. We want to help financial institutions and enterprises address complex or legacy challenges through a unified platform that’s scalable and constantly updated with the latest payment rails and technology the world has to offer.”
“The expansion of our platform business will enable us to capitalise on rapidly growing demand for digital payments that we’ve seen worldwide, particularly in Asia and Europe. We are proud that our technology has helped businesses navigate uncertainty and build resilience by lowering costs and attracting new customers. With more challenging economic headwinds on the horizon, this type of support is going to become increasingly important.”
Cashless payment volumes globally are expected to increase by more than 80% from 2020 to 2025, from about 1tn transactions to almost 1.9tn, and to almost triple by 2030. Asia-Pacific will grow fastest, with cashless transaction volume growing by 109% until 2025 and then by 76% percent from 2025 to 2030 (PwC, 2022).
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