Digital payments platform Pomelo partnered with Mastercard to build on the support it offers its business customers with an expanded range of products and services.
With the partnership, Pomelo will be able to issue payment cards directly to its SME customer base and make direct payment settlements with Mastercard on behalf of its merchants. The collaboration will help Pomelo’s customers to further reduce the friction in the payments journey as well as help its merchants get access to their working capital faster.
By using Pomelo, businesses can receive payments easily irrespective of location at a low cost and without the need for hardware. Founded in 2017, Pomelo saw a significant increase in demand in the last year prompted by a greater appetite for cashless payment options as businesses take steps to Covid-proof their operations.
The new partnership with Mastercard will further fuel its aim to expand the support it provides growing businesses and help them adopt new payment technology.
The partnership comes months after Pomelo earned its e-money license from the Financial Conduct Authority in November last year to deliver a more streamlined payments process for clients. It also recently achieved its Payment Card Industry Compliance Level 1.
Commenting on the association, Pomelo Pay co-founder and CEO Vincent Choi said, “Partnering with Mastercard is a huge moment in Pomelo’s journey and will play a key part in our mission to help lighten the load for growing businesses by providing a selection of low-cost and user-friendly tools that take the pain out of financial admin.
“We have several exciting projects in its pipeline for 2021 and we’re looking forward to entering the next phase of our growth with a partner such as Mastercard on board.”
Echoing a similar sentiment, Mastercard UK & Ireland head of FinTech Edoardo Volta added, “Small businesses are the backbone of the economy and we are excited to be working with Pomelo Pay to offer a new solution for SMEs as they navigate the new normal and road to recovery. ”
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