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Nur Atifi · · 1 min readIn brief: Blockchain-powered remittance service nabs $1.7m in fresh capital
SendFriend, a US-based blockchain-powered remittance service, announced it has raised US$1.7 million in total capital to better enable overseas Filipino workers to securely transfer US dollars to Philippine pesos at the lowest rate available. The funding comes from MIT Media Lab, Barclays, Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.
Source: SendFriend
SendFriend claims it is the “smartest” way to send money to the Philippines from the US.
The company plans to use the fresh capital to build its team, increase marketing efforts, and focus on community engagement.
SendFriend offers users 65 percent lower fees than the industry average as it replaces the frictions and fees of the banking system by leveraging on blockchain startup Ripple’s xRapid technology.
Editing by Jack Ellis
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