On Feb. 11, according to a press release, Ripple (XRP), the MasterCard Foundation, MIT Media Lab and Barclays in a funding round, invested in Remittance company Send-Friend.
The firm raised $1.7 million from investors such as Tech stars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital in the round, to enhance its remittance service, which allows users to send money to the Philippines using blockchain.
To Overcome the lengthy process of traditional banking systems, Send-Friend uses Ripple’s xRapid product for cross-border payments, converting between USD, XRP and Philippine pesos.
Send-Friend co-founder and CEO, David Lighton, announced ‘This investment will allow us to build out our team, focus on community engagement, and marketing efforts.’ Send-Friend will feature “fees that are 65% lower than the industry average.” as per the press release.
The total number of customers to go over 200 is just because of Send-Friend, which was among the 13 new financial institutions that recently joined Ripple’s payment network, RippleNet.
Cross-border payments and remittance services at scale continue to be a struggle for many Crypto firms, stated by Bill Barhydt, CEO of crypto wallet provider and payment startup Abra, last month.
Wish you all the best,