Fintech platform Pomelo is expanding its Payment Platform as a Service (PPaaS) offering in an effort to increase its regional presence in Asia and Europe.
Through the expansion and brand renewal, Pomelo says it will continue to digitise the payment infrastructure and expand its PPaaS offering which can be used on a white label basis by financial institutions.
Established in 2017, Pomelo is headquartered in London, with regional headquarters in Singapore and offices in Vietnam, Thailand and Hong Kong.
Citing research from PwC, Pomelo says cashless payment volumes are expected to increase globally by more than 80 per cent from 2020 to 2025 — from 1 trillion transactions to almost 1.9 trillion.
Asia-Pacific will grow fastest, according to PwC, with cashless transaction volume growing by 109 per cent until 2025 and then by 76 per cent percent from 2025 to 2030.
Commenting on Pomelo’s expansion, Vincent Choi, CEO and co-founder of Pomelo, says: “This represents an exciting new chapter and look for Pomelo.
“The expansion of our platform business will enable us to capitalise on rapidly growing demand for digital payments that we have seen worldwide, particularly in Asia and Europe. We are proud that our technology has helped businesses navigate uncertainty and build resilience by lowering costs and attracting new customers.
He adds: “With more challenging economic headwinds on the horizon, this type of support is going to become increasingly important.”
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