Founded out of Massachusetts Institute of Technology, SendFriend has built a blockchain-powered online payment transfer platform that uses technology provided by fintech developer Ripple.
SendFriend, a US-based provider of blockchain-powered remittance services spinout of Massachusetts Institute of Technology, obtained $1.7m on Monday in a round backed by the institute’s research centre MIT Media Lab.
Financial services firm Barclays also took part in the round alongside fintech developer Ripple and Mahindra Finance, a subsidiary of conglomerate Mahindra Group, as well as Mastercard Foundation, the philanthropic arm of payment services company Mastercard.
The round was filled out by investment consultancy 2020 Ventures and investment firm 8 Decimal Capital.
Founded in 2017, SendFriend has built an online payment transfer platform that enables workers in the Filipino diaspora to send remittances denominated in the Philippine peso to contacts at home at favourable exchange rates against the dollar.
The service is powered by a Ripple blockchain technology called xRapid which uses the XRP cryptocurrency as an intermediary to complete international transactions quicker than traditional banks and financial services institutions.
SendFriend will use the capital to add to its headcount as it looks to ramp up its marketing operation and engagement with the Filipino community. The company has been accepted onto the Barclays Accelerator, a fintech-focused startup initiative run by Barclays and Techstars.
