With £2.1M funding, this London-based digital payments startup wants to help businesses manage cash flow efficiently
The COVID-19 pandemic has pushed contactless payment and mobile wallets into the mainstream. The digital payment platform has eased cashless transactions disrupting traditional networks and business models across retail and wholesale payments, thanks to the advancement in technology.
Raised £2.1 million
Based out of London, Pomelo Pay is one such startup trying to help businesses to manage cash flow on the go. Recently, the UK startup has secured a £2.1 million investment in a seed funding round led by Force Over Mass.
How will the funding be used?
The funding will enable the company to grow its offering and continue to help businesses, enabling them to take digital payments easily and immediately.
Some part of proceedings will be used to grow the team and build on its international reach, which includes offices in London and Singapore, with an expanded presence in countries across Europe and Asia.
Helps business instantly take payments
Founded in 2017, 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.
It offers the combination of the latest QR code, API, and NFC technology, providing a flexible payment solution for a broad range of payment options — in-person payments, payment links, online shops, contactless table ordering, and menu makers.
Right now, the digital payment company serves companies across various sectors including, construction and trades, food and drink, and travel and hospitality.
Due to COVID, the company has witnessed a significant increase in demand this year, with an average growth in excess of 25% month-on-month.
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. You can download the app on both Android and iOS.