Remittance company SendFriend has received investments from Ripple (XRP), the Mastercard Foundation, MIT Media Lab and Barclays in a funding round, according to a press release published on Feb. 11.
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.”
Also read: New York-based Blockchain intelligence firm Chainalysis has raised $30 million in a Series B funding round led by venture capital giant Accel