Pomelo partners Mastercard for SME payments

Digital payments platform Pomelo Pay has partnered with Mastercard to expand its offering for SMEs.

The agreement will mean the London-based FinTech will become a Principal Issuing Member of Mastercard, and will be able to issue payment cards directly to its small and medium-size enterprise (SME) customer base.

Pomelo will also be able to make direct payment settlements with Mastercard on behalf of its merchants, helping its customers to reduce friction in the payments journey and help merchants get access to their working capital faster.

Pomelo’s payments technology allows businesses to take payments in both physical or digital settings without the need for hardware, and has seen its business grow in the past year thanks to demand for contactless payments options.

The partnership with Mastercard comes after Pomelo was awarded an e-money license by the Financial Conduct Authority (FCA) in November 2020.

Vincent Choi, co-founder and chief executive of Pomelo Pay, 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.”

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.