New York-based payment startup SendFriend, focused on the use of XRP tokens for international remittances, closed a $ 1.7 million financing round from Barclays and fintech, Ripple, CoinDesk reports.
Mastercard Foundation, MIT Media Lab, Techstars Incubator, Mahindra Finance, 2020 Ventures and 8 Decimal Capital also took part in the round.
Note that SendFriend got into the business accelerator "Barclays powered by TechStars" in September 2018.
According to the representatives of the startup, the funds raised will be used to expand the staff, work with the community and marketing.
Initially, a startup will focus on labor migrants from the Philippines who regularly make remittances to their homeland from the United States. Converting US dollars to XRP tokens, and then to the Philippine peso, according to SendFriend, took few seconds.
It is noteworthy that SendFriend commissions will be 65% below the average in the traditional cross-border transfer industry.