Barclays and Ripple back SendFriend’s $1.7m funding – FinTech Futures

- Advertisement -

SendFriend, the remittance service for the Philippines, has raised $1.7 million in capital from MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.

US-based Filipino workers find ways to send money home

The firm allows overseas Filipino workers (OFWs) to transfer US dollars to the Philippine peso.

“SendFriend has built strong partnerships along its supply chain, while developing a foundation to significantly minimise friction in the system. This is a highly competitive space with long-time incumbents, but we are confident in the success of SendFriend,” says Yuan Ruan, founder of 8 Decimal Capital.

According to the firm, last year alone US-based users of remittance services spent over $45 billion in fees on remittance services, which often take three to five days, while sending home over $650 billion.

SendFriend says its fees are 65% lower than the industry average as it replaces the frictions and fees of the banking system.

- Advertisement -

The firm plans to initially launch in New Jersey in the US and progressively expand to other states.

Through a partnership with Ripple, SendFriend uses xRapid to create a money transfer experience. XRP is used as a liquidity vehicle for cross-border payments.

David Lighton is the co-founder and CEO. SendFriend was founded at MIT by people with experience at the World Bank and MoneyGram. SendFriend was accepted into the Barclays Accelerator Programme, powered by Techstars, to build out its customer-first solution

- Advertisement -

source

Previous Articles:

- Advertisement -

Latest

Twenty One Capital secures $100M boost as crypto VCs keep investing

Twenty One Capital secured an additional $100 million in investment, raising total funding to $685 million. aZen closed a $1.2 million seed round to expand...

MAS to Rarely License Offshore Crypto Firms, Deadline June 2025

Monetary Authority of Singapore (MAS) will require offshore-focused crypto and stablecoin firms incorporated in Singapore to drop or legalize their operations by June 30,...

XRP Soars 300% as VivoPower Buys $121M, Corporate Crypto Shift Grows

Ripple’s XRP increased 300% over the past year, surpassing Bitcoin’s gains during the same period. VivoPower, a Nasdaq-listed company, announced plans to purchase $121 million...

Strategy (MSTR) Buys 705 More BTC, Holdings Top 580,000 Bitcoin

Strategy (MSTR) purchased 705 more bitcoins, raising total holdings to 580,955 BTC. The company's overall average purchase price is now $70,023 per bitcoin. ...

Hedera Urges Dynamic Gas Estimation to Prevent dApp Failures

Hardcoded gas limits in smart contracts can cause transaction failures as network conditions or contract logic change. Best practices include estimating gas, adding...

Must Read

26 Best Investment Audiobooks on Audible

Looking to expand your financial knowledge? Me too..When I first started investing, I was completely lost. There were so many terms, strategies, and theories...