Based in new York payment startup SendFriend focused on the use of tokens XRP for international money transfers, has closed a round of financing of $1.7 million from Barclays Bank and FINTECH companies Ripple, reports CoinDesk.
The round also participated the Mastercard Foundation, MIT Media Lab, an incubator Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital.
Note that SendFriend got into the business-accelerator “Barclays powered by TechStars” in September 2018.
According to representatives of the startup, the funds raised will go to the expansion of the state, community and marketing.
Initially, the startup will focus on migrant workers from the Philippines who regularly make remittances home from the USA. Convert USD to XRP tokens and later in the Philippine peso, according SendFriend will take a few seconds.
It is noteworthy that the Commission SendFriend will be 65% below the average in the traditional industry cross-border transfers.
We will remind, earlier working in the market of cryptocurrency lending company BlockFi attracted investment from Coinbase Ventures.