Zepz Buys Pomelo to Strengthen Position in the Philippines
Zepz, the parent company of global payment brands WorldRemit and Sendwave, has announced the acquisition of Pomelo International, Inc.
This move marks a significant step in the group’s strategy to expand beyond simple remittances and offer broader financial services such as cards, lending, and credit to cross-border communities.
Pomelo, a San Francisco-based fintech with a strong presence in the Philippines, offers a credit card specifically designed for money transfers.
The product allows users to send remittances without incurring cash advance fees or high interest rates typically associated with credit-based transfers, while also helping them build a credit history.
Mark Lenhard, CEO of Zepz, described the deal as a “natural next step” for the company.
The acquisition integrates Pomelo’s team and technology into Zepz, strengthening the group’s position in the Philippines, a core market for the company.
This builds upon the recent launch of the Sendwave Wallet, further diversifying the company’s revenue mix beyond money movement.
Eric Velasquez Frenkiel, CEO at Pomelo, noted the shared mission between the two firms.
Following the acquisition, the Pomelo product has been temporarily paused while Zepz integrates the platform into its broader product roadmap.
The company aims to leverage Pomelo’s infrastructure to provide underserved customers with transparent credit options and tools to improve their financial profiles.
Featured image: Edited by Fintech News Philippines based on an image by leungchopan via Freepik.
The post Zepz Buys Pomelo to Strengthen Position in the Philippines appeared first on Fintech News Philippines.
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