Tech entrepreneur, recent Henderson transplant launching new venture
LAS VEGAS, Nev. (FOX5) - Nevada, looking to diversify the tourist-reliant economy, hopes to become a tech hub, a place where entrepreneurs and tech start-ups can come and build their businesses.
At the height of the pandemic, Las Vegas launched a campaign aimed at attracting those who could work remotely.
Billboards targeting tech workers were put up in San Francisco by Summerlin touted living in Las Vegas. Some have made that move leaving the Silicon Valley for the Vegas Valley.
“One of the things with the pandemic, it has really changed how people can work. Certainly in tech, the ability to build a brand-new company from home is a brand-new adventure for me,” shared Eric Velasquez Frenkiel. Frenkiel has seen his share of success in the tech world.
“I was an early engineer at Meta before I decided to quit, leave it all behind to start a little startup called SingleStore. That company is now preparing to go public. I ran that from two guys and a dog to 125 people,” Frenkiel explained. After 12 years in the Bay Area, Frenkiel moved at the height of the pandemic.
“I think there has been a diaspora over the entire United States from Austin to Miami. I think Las Vegas has been one of those best-kept secrets.” Frenkiel contended.
Frenkiel started his family in Henderson, the second safest large city in America, after living in San Francisco.
“So many folks are leaving, the situation with crime is out of control,” Frenkiel contended.
In the Vegas Valley, Frenkiel has started a new company from the comfort of his Henderson home looking to change the money transfer business globally.
“Right now, it is about six percent on average to move funds around the world. We have taken that down to zero because we actually collect revenue from the merchants, not our customers,” Frenkiel revealed.
The new company, Pomelo, is partnering with Mastercard to eliminate the need for money transfers instead of using credit cards to send money to family around the world.
“Pomelo is a new way to remit money overseas using the power of credit rather than sending cash,” Frenkiel stated.
Frenkiel came up with the idea when visiting his wife’s family in the Philippines.
“It hit me in one of those classic eureka moments where I asked myself, ‘Why can’t I just leave a card with my family instead of sending cash every month through Western Union,’” Frenkiel recalled.
Since the service didn’t exist, Frenkiel has created it, unveiling it to public this week.
This new approach to helping people in the US send money to families in other countries will first launch in the Philippines. The card service will then go live in India and Mexico.
To learn more about Pomelo visit here.
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