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Wednesday 24 November 2021

Pomelo Pay extols the virtue of QR codes

PPLondon and Singapore-based, Pomelo Pay, has secured a cash injection of $10.1m as it looks to further develop its QR code payments proposition. The Series A round was led by Inference Partners and the fintech plans to use the funds to support its global expansion.

Pomelo Pay facilitates payments via a QR code using NFC and API interfaces. In APAC, and China in particular, the use of QR code payments is commonplace and is rapidly replacing the last bastions of cash in society. Street vendors and local Chinese markets routinely accept QR code payments, whilst even some homeless people use QR codes to receive donations.

Founded in 2017 by Australian accountant, Vincent Choi, Pomelo Pay previously benefitted from a £2.1m seed round in December 2020 (see: Pomelo Pay bags the cash for QR code payments push). The fintech has also been selected to participate in Tech Nation’s Fintech 3.0 growth programme. Whilst the payments space is increasingly crowded, Pomelo Pay's focus on an alternative approach that is, as yet, largely untapped in the West is a intriguing play. It will be interesting to see how the fintech's global footprint develops. 

Posted by: Jon C Davies at 08:59

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