Some of the biggest technology names in the world are teaming up for a new XRP-based project. The XRP remittance company SendFriend has just raised a staggering $1.7 million pre-seed funding round. The funds are coming from 13 of the best known tech and blockchain companies.
According to its website, SendFriend is an innovative startup that helps people send money back home.
Living and working far away from loved ones is hard. Sending money back home shouldn’t be. We started SendFriend to reduce the costs and improve the experience for the millions of overseas Filipino workers who send money home to support their families. With roots at The World Bank, MIT, MoneyGram, and Harvard Business School, our founding team came together to put our customers first.
The XRP remittance startup can now boast prominent investors such as TechStars, MasterCard Foundation, 2020 Ventures, MIT Media Lab, and many more.
Interestingly enough, the company was started by experienced professionals at the World Bank and other prominent companies to serve as a “remittance corridor” between the United States and the Philippines. The startup is currently using Ripple‘s remittance service solution – xRapid.
What xRapid does is use XRP as a leverage to process remittance requests in a faster and more efficient manner.
The target market of SendFriend is probably why the company is getting so much attention and so many prominent investors are placing their trust in the startup. According to a report from the World Bank, the Philippines was the was the world’s third largest remittance country (as stated by April, 2018). That trend is very likely to continue in the future, so the remittance solution offered by SendFriend is only going to fill an even bigger market and business niche.