SALT LAKE CITY–(BUSINESS WIRE)–Galileo Financial Technologies, LLC, a leading financial technology company independently owned and operated by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced that its API-enabled financial technology powers Pomelo, a new payment card that allows families to enter the U.S. for to build and expand their credit access abroad without incurring expensive transfer fees.
According to the World Bank, remittances to low- and middle-income countries will reach $630 billion by 2022. Despite a 4.2% increase from 2021, international remittances continue to impose expensive transfer fees and exchange rate mark-ups 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 abroad. This added flexibility and accessibility not only expands financial inclusion for members of underserved communities who need it most – it also helps new Americans establish and strengthen their credit profile as they begin their financial journey in the United States. Pomelo chose Galileo and its payment processing solution to deliver secure, fast, accurate, resilient and PCI compliant authorization, reconciliation and settlement processing.
“We set out to reimagine traditional international money transfers so that our customers and their loved ones in emerging economies can benefit from access to modern financial instruments,” said Eric Velasquez Frenkiel, founder and CEO of Pomelo. “We have made this possible through Galileo’s API technology and deep industry knowledge to deliver inclusive digital financial services that create seamless customer payment experiences.”
Galileo’s speed, precision and reliability – from authorization to settlement – will support Pomelo’s ability to authorize requests quickly, ensure postal accuracy and allow customers to move money and settle funds seamlessly across all ecosystem partners. In addition to immediate 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 range of payment fraud.
“We are proud to partner with forward-thinking companies like Pomelo who share in our mission to help people build a better financial future,” said Derek White, CEO of Galileo. “Through our partnership, Galileo will support Pomelo’s rapid growth by powering its financial solutions with differentiation, automation, readiness and extensibility to create better connected ecosystems while innovating remittances through inclusive credit solutions.”
Pomelo currently allows cardholders to send money from the US to the Philippines, with India and Mexico planned 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 takes the complexity out of payments and finance 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 customers, Galileo supports physical and virtual payment card issuance, mobile push delivery 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, under a license from Mastercard International, and has a mobile app available on both Android and iOS. US citizens and permanent residents 18 and older can apply for the Pomelo Mastercard and invite loved ones abroad to join their family plan. Pomelo sends loved ones a virtual card instantly and a physical card via courier, making it easy to shop online and swipe at the checkout instead of handling cash. To learn more, visit www.pomelo.com.
