Ripple joins MasterCard and Barclays to invest in SendFriend for cross-border transactions
|- SendFriend raised $1.7 million in the concluded investment round.
- SendFriend will leverage Ripple’s xRapid for remittances to the Philippines.
SendFriend announced via a press release on February 11 that it was delighted to receive funding from San Francisco-based Ripple, MasterCard, Barclays as well as MIT Media Lab. The remittance firm raised at least $1.7 million from all the investors.
The funding in this round is specifically for the development of a cross-border service that will enable users to transfer funds using the blockchain technology to the Philippines. At the moment, SendFriend has integrated xRapid, a cross-border payment service developed by Ripple. The system allows direct conversion between USD, XRP, and Philippine pesos.
According to the press release, SendFriend intends to incorporate “fees that are 65% lower than the industry average.” The co-founder and CEO of the firm David Lighton reckoned:
“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
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