SendFriend, a blockchain-powered remittance service, raised $1.7M in total funding.
Backers included MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.
The company intends to use the funds to build out the team, focus on community engagement, and marketing efforts.
Led by David Lighton, co-founder and Chief Executive Officer, SendFriend provides a blockchain technology platform for Overseas Filipino Workers to reduce the cost of remittance payments.
Through a partnership with blockchain company Ripple, the company leverages xRapid to create a seamless money transfer experience. XRP is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP in a matter of seconds.
The company, accepted into the Barclays Accelerator Program, Powered by Techstars, to further build out its customer-first solution, plans to launch in New Jersey but will soon be available to OFWs in other states via desktop and mobile.