Singapore-based payment infrastructure platform company Pomelo Group has announced the acquisition of Arrow Checkout, a Singapore-based e-commerce and payment technology provider, for an undisclosed amount.
Arrow Checkout offers solutions designed to enable Direct-to-Consumer (D2C) brands in Southeast Asia to accept payments across all sales channels, payment gateways, and local payment methods (including bank transfers, cash payments, e-wallets, and Buy Now, Pay Later (BNPL) options).
Founded in 2021 by CEO Neo Liat Beng, COO Sebastian Roervig, and CTO Sudhan Raj, Arrow Checkout previously received investment from venture capital firm Y Combinator and raised $4.8 million in a seed funding round led by Peak XV (formerly Sequoia India) in 2022.
As part of the acquisition, Arrow Checkout's founders will join Pomelo Group. Neo Liat Beng will become the Chief Product Officer (CPO) of Pomelo Group, Sebastian Roervig will become the Vice President of Sales and Business Development, and Sudhan Raj will join the engineering team.
Notably, Neo Liat Beng and Sebastian Roervig have a prior connection with Pomelo Group CEO Steve Vickers, having worked together at ride-hailing service company Grab in 2018. Steve Vickers was appointed CEO of Pomelo Group last year.
Neo Liat Beng stated that through this integration, they will combine Arrow Checkout's technology with Pomelo Group's B2B platform solutions to collaborate on building a "payment infrastructure platform for emerging markets."
Endre Sagi, Chairman of Pomelo Group, added that the acquisition will "strengthen Pomelo Platform's position and accelerate its growth prospects."
Pomelo Group:
Pomelo Group is known as a platform that provides business-to-business (B2B) payment solutions, primarily focusing on emerging markets. Through this acquisition of Arrow Checkout, it will expand its business into the direct-to-consumer (D2C) market and build a broader payment infrastructure. In particular, Arrow Checkout's technology and customer network, which have a strong presence in the Southeast Asian market, are expected to be a crucial stepping stone for Pomelo Group's growth.
Arrow Checkout:
Since its establishment, Arrow Checkout has focused on enhancing payment convenience for D2C brands in Southeast Asia. By integrating various payment methods and providing a simplified payment process, it has contributed to increasing merchant conversion rates and improving customer experience. It has been recognized for its technological capabilities and growth potential, attracting investments from leading investment firms such as Y Combinator and Peak XV.
The acquisition of Arrow Checkout by Pomelo Group is expected to bring significant changes to the payment landscape of the rapidly growing Southeast Asian e-commerce market. By combining the strengths of both companies to provide more powerful and comprehensive payment solutions, it is anticipated that a better experience can be offered to both merchants and consumers.
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