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Cryptocurrencies

Remittance company SendFriend gets USD 1.7 mln from Ripple, Barclays and others

Tuesday 12 February 2019 | 12:51 PM CET

SendFriend, a remittance service that sends money to the Philippines, has raised USD 1.7 million in total capital from MIT Media Lab, Barclays, Ripple and others.

The funds will be used to enable Overseas Filipino Workers (OFWs) to transfer USD to PHP at low rates available, according to the official press release. Additional investors that took part within the rounding fund include the Mastercard Foundation, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.

Through a partnership with blockchain company Ripple, SendFriend leverages xRapid to support the 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.

Founded at MIT by a group of experienced individuals with roots at The World Bank and MoneyGram, SendFriend was accepted into the Barclays Accelerator Program, Powered by Techstars, to further build out its customer-first solution. The remittance company plans to launch in New Jersey but will soon be available to OFWs in other states via desktop and mobile.

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