Galileo to Power Fintech Pomelo’s ‘Remit Now, Pay Later’ Credit Card to Boost Financial Access
November 17 2022 - 10:00AM
Business Wire
Pomelo will tap Galileo’s flexible API-enabled
platform for first of its kind combined credit and U.S.-based
international money transfer service
Galileo Financial Technologies, LLC, a leading financial
technology company owned and operated independently by SoFi
Technologies, Inc. (NASDAQ: SOFI), announced today that its
API-enabled financial technology powers Pomelo, a new charge card
that allows families in the U.S. to build and extend their credit
access abroad without incurring expensive remittance fees.
According to the World Bank, remittances to low- and
middle-income countries will reach $630 billion in 2022. Despite a
4.2% increase from 2021, international money transfers continue to
impose expensive transfer fees and exchange rate markups on
senders. Pomelo, launched to combat this challenge, is the first
option that allows families to combine credit with money transfer
to make it easier to offer credit to friends and family overseas.
This added flexibility and accessibility not only broadens
financial inclusion for members of underserved communities who need
it most – it also helps new Americans establish and strengthen
their credit profile as they start their financial journey in the
US. Pomelo selected Galileo and its payment processing solution to
deliver secure, fast, accurate, resilient and PCI-compliant
authorization, reconciliation and settlement processing.
“We set out to re-envision traditional international money
transfers so our customers and their loved ones in emerging
economies can benefit from access to modern financial instruments,”
said Eric Velasquez Frenkiel, Founder and CEO at Pomelo. “We’ve
made this possible through Galileo’s API technology and deep
industry knowledge in delivering inclusive digital financial
services that create seamless customer payments experiences.”
Galileo’s speed, precision and reliability — from authorization
through settlement — will support Pomelo’s ability to authorize
requests quickly, ensure post accuracy, and allow customers to move
money and settle funds seamlessly across all ecosystem partners. In
addition to instant access to funds, the newly expanded Galileo
Payment Risk Platform will deliver powerful end-to-end fraud and
risk management and chargeback protection, supporting
provisioning/onboarding to protect clients against a variety of
payments fraud.
“We pride ourselves on partnering with forward-thinking
companies like Pomelo that share in our mission to help people
build a better financial future,” said Derek White, CEO at Galileo.
“Through our partnership, Galileo will support Pomelo’s rapid
growth by powering their financial solutions with differentiation,
automation, readiness and extensibility to create better connected
ecosystems as they innovate money transfer through inclusive credit
solutions.”
Pomelo currently allows cardholders to send money from the US to
the Philippines, with India and Mexico scheduled next, along with
plans for further international expansion.
For more information about Galileo’s platform and powerful APIs,
visit www.galileo-ft.com.
About Galileo Financial Technologies
Galileo is a leading financial technology company whose
platform, open API technology and proven expertise enable fintechs,
emerging and established brands to create differentiated financial
solutions that expand the financial frontier. Galileo removes the
complexity from payments and financial services innovation by
providing flexible, open API building blocks and a secure,
scalable, future-proof platform. Trusted by digital banking
heavyweights, early-stage innovators and enterprise clients alike,
Galileo supports issuing physical and virtual payment cards, mobile
push provisioning and more, across industries and geographies.
Headquartered in Salt Lake City, Galileo has offices in Mexico
City, New York City, San Francisco and Seattle.
About Pomelo
The Pomelo Mastercard is issued by Coastal Community Bank,
pursuant to a license from Mastercard International, and features a
mobile app available on both Android and iOS. U.S. citizens and
permanent residents 18 years and older can apply for the Pomelo
Mastercard and invite their loved ones abroad to join their family
plan. Pomelo sends their loved ones a virtual card instantly and a
physical card via courier delivery, enabling the convenience of
shopping online and swiping at checkout instead of handling cash.
To learn more, visit www.pomelo.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221117005090/en/
Alissa Clayton The Fletcher Group
647.390.9085 Alissa@fletchergroupllc.com
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