Remittance company SendFriend has received a $1.7 million investment from investors including Ripple, Mastercard Foundation, MIT Media Lab and Barclays.
In the round, the firm raised $1.7 million from investors — also including Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital — to develop its remittance service, which lets users send money to the Philippines using blockchain.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between USD, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
The press release claims that SendFriend will feature “fees that are 65% lower than the industry average.” David Lighton, SendFriend co-founder and CEO declared:
“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
As Cointelegraph reported last month, SendFriend was among 13 new financial institutions that recently joined Ripple’s payment network, RippleNet, bringing the total number of customers to over 200.
At the end of last month, Bill Barhydt, CEO of crypto wallet provider and payment startup Abra, stated that consumer cross-border payments and remittance services at scale continue to be a struggle for many crypto firms.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.