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Remittance startup SendFriend has raised $1.7 million in total capital from MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.
The funding follows the company’s November 2018 announcement to integrate Ripple’s xRapid solution to enhance the efficiency of cross-border payments.
“SendFriend leverages xRapid to create a seamless money transfer experience. XRP is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP in a matter of seconds,” SendFriend explained.
The company plans to use the funds to better enable Overseas Filipino Workers (OFWs) to securely transfer USD to PHP at the lowest rate available. It said that it will launch “as the only option for OFWs to securely and reliably send money internationally with fees that are 65% lower than the industry average.”
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families,” said David Lighton, SendFriend co-founder and Chief Executive Officer. “This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
SendFriend is also planning to launch in New Jersey but will soon be available to OFWs in other states via desktop and mobile.
