Payment provider SendFriend announces in a press announcement of 11 February that it has received investments from Mastercard, MIT Media Lab, and Barclays in a recent financing round.
The company raised some $ 1.7 million from its investors, including Techstars, Mahindra Finance, and 2020 Ventures. The company hopes to further develop its transfer services, with which users can send money to the Philippines using blockchain technology.
SendFriend uses Ripple’s xRapid platform for cross-border payments. It converts between USD, XRP and Philippine pesos, bypassing the tedious process of traditional banking systems.
The press release claims that SendFriend will work with “fees that are 65% lower than the industry average.” David Lighton, co-founder and CEO of SendFriend stated:
The funding round allows us to expand our team, focus on community involvement and increase our marketing efforts.
As previously announced by Crypto Insiders, SendFriend is one of the more than 200 customers using the Ripple payment network.