Eric Velasquez Frenkiel had a seemingly simple thought when visiting his family in the Philippines, impressed by the cashless economy that had formed. Instead of sending money to his family once a year -- a costly, fee-heavy affair -- why can’t he just leave his credit card there?

As with many things in fintech, it wasn’t that simple. But the seed of the idea made the former enterprise chief executive turn his career into a bet on one of fintech’s most elusive problems.

Pomelo, Frenkiel’s new startup launching out of stealth today, wants to make it easier to send remittance payments and conduct international money transfers, with a credit twist.

To execute on that vision, Pomelo has raised a $20 million seed round led by Keith Rabois at Founders Fund and Kevin Hartz at A* Capital, with participation from Afore Capital, Xfund, Josh Buckley and The Chainsmokers. The round also included a $50 million warehouse facility, which will allow Pomelo to give upfront cash to people who want to make transfers.

Venture investors are not the only cohort showing interest; more than 120,000 people have joined Pomelo’s waitlist over six months, according to Frenkiel. (It’s important not to confuse this Pomelo with another Pomelo, a fintech-as-a-service platform for Latin America that has raised $9 million in funding.) Oh, fintech.

Here’s how the startup works: If someone wants to send money overseas, they make a Pomelo account, which comes with up to four credit cards. The creator of the account -- let’s just assume that they’re the one that is sending the money -- can set limits, pause cards and view spending habits.

Pomelo’s key tweak is around credit. Senders can give cash, in the form of credit, to family members -- which the startup thinks will help with instant access to funds, fraud and chargeback protection and, for potential immigrants that may use this to send money back home, a way to boost one's credit score with more transaction history.