Remittance firm SendFriend has been the recipient of investments from Ripple (XRP), the Mastercard Foundation, MIT Media Lab and Barclays in a funding round, according to a press release that was made public on February 11.
During the round, the firm made $1.7 million from investors — also including Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital — to further its remittance service, which allows users send money to the Philippines with the use of blockchain.
SendFriend makes use of Ripple’s xRapid product for cross-border payments, exchanging between USD, XRP and Philippine pesos and bypassing the longer procedure of conventional banking systems.
The press release said that the remittance firm will feature “fees that are 65% lower than the industry average.”
David Lighton, SendFriend co-founder and CEO remarked:
“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
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