Pangea, a Chicago, IL-based international money transfer platform, has raised a new round of financing.
The amount of the transaction was not disclosed.
The round was led by Richard Kiphart of KGC Capital, with participation from Chicago Ventures, Jump Capital, OCA Ventures and BW Capital Partners, Terry Diamond and other existing seed investors. In conjunction with the funding, Richard Kiphart, Jane Thompson, the former president of Walmart Financial Services, and Alejandro Silva, chairman and CEO of Evans Food Group, Ltd., joined its board of directors.
Led by Founder and CEO Rahier Rahman and COO Nishu Thukral, Pangea will enable users to transfer funds internationally through a mobile app, web portal and retailer partners. Its remittance solution will include flexible payment vehicles, an enhanced user experience, and a compliance and risk analytics platform.
It is currently in private beta and will soon launch its multiplatform solution.