checkAd

Galileo to Power Fintech Pomelo’s ‘Remit Now, Pay Later’ Credit Card to Boost Financial Access

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.


The SoFi Technologies Stock currently trades with a fall of -2,88 % to 5,371USD on the Nasdaq stock exchange.



0 Kommentare
Nachrichtenquelle: Business Wire (engl.)
 |  118   |   |   

Schreibe Deinen Kommentar

Disclaimer

Galileo to Power Fintech Pomelo’s ‘Remit Now, Pay Later’ Credit Card to Boost Financial Access 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 …

Nachrichten des Autors

156 Leser
152 Leser
148 Leser
148 Leser
128 Leser
128 Leser
120 Leser
116 Leser
116 Leser
116 Leser
832 Leser
752 Leser
620 Leser
588 Leser
504 Leser
456 Leser
444 Leser
432 Leser
424 Leser
404 Leser
3236 Leser
2100 Leser
1776 Leser
1648 Leser
1604 Leser
1184 Leser
1024 Leser
884 Leser
852 Leser
844 Leser
7528 Leser
3236 Leser
3085 Leser
2934 Leser
2501 Leser
2464 Leser
2370 Leser
2169 Leser
2106 Leser
2100 Leser