Remittance company SendFriend has received a $1.7 million investment from investors including Ripple, Mastercard Foundation, MIT Media Lab and Barclays.
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…
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