Thunes, a leading global money movement innovator, and Pomelo, a pioneering credit-powered remittance company, today announced a groundbreaking partnership to transform international money transfers from the United States to the Philippines.
Disrupting Remittances with Credit and Digital Wallets
This strategic alliance leverages Thunes’ digital wallet network to streamline remittances, reduce costs, and empower families with a more convenient way to connect financially. Pomelo breaks the mold of traditional money transfer operators (MTOs) and banks. Their innovative solution underwrites a credit line for each customer, allowing them to fund immediate remittance transfers while simultaneously building credit history in the US. This unique model enables families to access a continuous line of credit, with Pomelo customers repaying the balance monthly.
Instant Transfers to GCash Wallets
Pomelo cardholders can seamlessly transfer their credit line directly to beneficiaries’ GCash digital wallets via Thunes’ expansive network. According to GlobalData’s 2023 research, a staggering 88% of Filipinos utilized digital wallets in the past year, with GCash holding the dominant market share (89%).
Competitive Rates and Reduced Fees
Beyond instant transfers to digital wallets, Pomelo cardholders can support up to three family members or friends internationally. This innovative business model provides both senders and receivers with access to competitive exchange rates and significantly reduces transfer costs. The World Bank reports traditional MTOs typically charge average fees of 6%, while Pomelo eliminates transfer fees for its customers.
Targeting a Major Remittance Corridor
This solution initially tackles the US-Philippines corridor, one of the world’s largest international payment flows. Pomelo and Thunes plan to expand their services to other high-volume US remittance markets, including Mexico and India.
Thunes: Experts in Emerging Market Payments
Thunes boasts extensive experience in emerging markets, seamlessly connecting with over 550 popular payment methods including bank accounts, digital wallets, and apps. They are highly skilled in partnering with FinTech companies for cross-border payment integrations.
Floris de Kort, CEO of Thunes: “Pomelo’s credit-based model has the potential to transform global remittances. This partnership perfectly aligns with Thunes’ mission to make cross-border payments faster, more transparent, and affordable by connecting to billions of digital wallets and bank accounts. Delivering payouts directly to GCash wallets ensures instant access to funds for families when they need them most.”
Eric Velasquez Frenkiel, Founder and CEO of Pomelo: “Traditional remittances have long been slow, expensive, and unreliable. At Pomelo, we’re revolutionizing international money transfers by enabling US customers to build credit history while supporting loved ones overseas. Thunes’ expertise in emerging markets plays a vital role in our rapid digital wallet integration, initially facilitating money transfers within the Philippines-US corridor and beyond as we expand our service offerings.”
Pomelo’s Growth Trajectory
Pomelo, launched in August 2022, secured a successful $35 million Series A funding round in April 2024 led by Dubai Venture firm Vy Capital, alongside Founders Fund and A* Capital. The company further announced a significant $75 million expansion of its warehouse facility.
