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.”
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