Zepz buys remittance provider Pomelo to strengthen presence in the Philippines

GLOBAL PAYMENTS group Zepz, which owns WorldRemit and Sendwave, has acquired a US-based financial technology (fintech) company providing credit-based remittance services as it looks to strengthen its presence in the Philippines.

Zepz said in a statement on Jan. 20 that it has acquired Pomelo International, Inc., whose product mainly caters to migrants in the US sending money to the Philippines and Mexico. The latter’s team will join Zepz to continue developing their product.

Pomelo’s operations have been paused temporarily as Zepz integrates the product into its roadmap.

“Pomelo is a San Francisco-based fintech company focused on cards, lending and credit-building, with a strong presence in the Philippines,” it said. “The acquisition represents a key step in Zepz’s evolution beyond remittances, enabling the company to support more of the financial lives of cross-border communities and underserved customers across the Global South.”

“The acquisition further strengthens Zepz’s position in the Philippines, one of its core markets, where it has deep local knowledge and a long-standing customer base. Combining Pomelo’s product and expertise with Zepz’s global platform creates meaningful synergies for customers and supports Zepz’s long-term growth strategy by deepening engagement, improving retention and broadening its revenue mix beyond money movement.”

The company said the move will complement their existing products and businesses and allow them to expand into cards, lending, and credit, as Pomelo’s platform integrates consumer credit and remittances with a credit card designed for money transfers.

Using the Pomelo Mastercard or any debit card via its app, customers in the US can transfer money real-time to Philippine-based bank accounts or e-wallets as low costs while earning rewards points.

“Acquiring Pomelo is a natural next step in our evolution beyond remittances,” said Zepz Chief Executive Officer Mark Lenhard. “It will allow us to offer customers access to cards and credit services, and supports our broader ambition of financial empowerment for cross-border communities.”

“This is an exciting next chapter for Pomelo, and our mission to help people build their financial future doing what matters most — helping families. Zepz shares our focus on serving cross-border communities and has tremendous potential to accelerate access to credit and everyday financial tools for people who have historically been underserved,” Pomelo CEO Eric Velasquez Frenkiel said.

More Filipinos abroad have been using digital channels to remit money to save on transaction costs.

Cash remittances coursed through banks rose by 3.6% to $2.91 billion in November from $2.808 billion in the same month in 2024, the latest Bangko Sentral ng Pilipinas data showed.

For the first 11 months of 2025, money sent home by migrant Filipinos reached $32.111 billion, climbing by 3.2% from $31.113 billion during the same period in 2024.

The US was the top source of remittances in the period, accounting for 40% of inflows. — BVR