Blockchain Remittance Firm SendFriend Raises $1.7M USD From Financial Giants

Blockchain, Investing, News | February 13, 2019 By:

Blockchain remittance service SendFriend has recieved a $1.7 million investment from MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.

SendFriend is a blockchain startup that empowers the millions of Overseas Filipino Workers (OFW) who overpay for international money transfers every year. The company is using Rippleā€™s xRapid solution to offer a secure, intuitive, and low-fee remittance service, which reduces the cost of remittance payments by 65% from the industry average.

SendFriend said that they will be using the funds to better enable OFWs to securely transfer USD to PHP at the lowest rate available. The company plans to launch the remitance service in New Jersey, but will soon be available to OFWs in other states via desktop and mobile.

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of OFWs who send money home to support their families,” said David Lighton, SendFriend co-founder and Chief Executive Officer. “This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

Yuan Ruan, Founder of 8 Decimal Capital said that SendFriend has built strong partnerships along its supply chain, while developing a foundation to significantly minimize friction in the system

“This is a highly competitive space with longtime incumbents, but we are confident in the success of SendFriend< Ruan said. “SendFriend has a good combination of an experienced team, large $650 billion remittance market, investors that provide more than just capital, and a growth strategy focused on more than revenue from transactions including APIs and white-label solutions.”