Boom Financial (fka m-Via), a Palo Alto, California-based provider of wealth saving and sharing solutions for immigrant and unbanked families, has closed a $17m financing.
The round was led by Digicel Group, with participation from existing investors RRE Ventures and MATT.org.
The company intends to use the funding to expand its product team in the U.S., as well as to increase sales channels and distribution in the U.S., Latin America, and the Caribbean.
Led by Bill Barhydt, CEO, Boom Financial offers a mobile money service that allows users to make low-cost, bank-grade domestic and international money transfers and payments via a text message, purchase at thousands of participating merchants and withdraw at over 100,000 ATMs in more than 150 countries.
The company also has offices in Los Angeles and Mexico City.