A global transition of payment is underway, challenging incumbents and re-defining the long-established payment methods and timescales. In general, the history of payment is characterised by constant societal and technological change, as well as by increasing indispensability to economic activity. At present, the rise of the Internet, digitisation, and changes in consumer preference have accelerated the usage of e-payments.
Post-COVID, the world has changed, and social distancing has become the norm. Right from city-based side-hustlers to local sole traders, there is a need for flexible, safe, and adaptable finance tools. And this is where London-based startup Pomelo Pay fills the gap.
Seed funding of £2.1M
Founded in 2017 by a team of financial services and tech specialists, Pomelo Pay offers a user-friendly method for their merchants to receive payments using secure QR code technology. Recently, the company secured a £2.1M (approx €2.3M) investment in a seed funding round led by Force Over Mass.
Wouter Volckaert, partner at Force Over Mass, says: “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.”
Team expansion, international reach, and more
The proceedings will enable the company to grow its offering and continue to help businesses by enabling them to take digital payments easily and immediately.
On top of that, the financing will be used to expand the company’s 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.
Helps you instantly take payments
The UK company allows businesses to take payments from anyone, in any location (physical or digital), at a low cost and without the need for hardware.
With the combination of QR code, API, and NFC technology, the UK company provides a flexible payment solution for a broad range of payment options — in-person payments, payment links, online shops, contactless table ordering, and menu makers. It also serves across multiple platforms like construction and trades, food and drink, and travel and hospitality.
25% growth this year
According to Pomelo Pay, the platform 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.
Users can register for free by downloading the Pomelo Pay app on Apple or Android platform. There’s no upfront costs, no contract, and all major debit and credit card payments are accepted, as well as Apple Pay and Google Pay.
Main image credits: Pomelo Pay