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A startup using Ripple's xRapid for remittances just raised $1.7M
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Quick Take
- In 2016, migrant workers sent $575 billion in remittances, mostly to developing countries, paying an average fee of 7%
- SendFriend is a remittance service that aims to deliver solutions that are 65% cheaper than the industry average
- The startup has raised $1.7 million in capital from MIT Media Lab, MasterCard Foundation, Barclays, and Ripple
There is a four-letter problem with the current remittance market: fees. The World Bank estimates that in 2016 migrant workers sent $575 billion in remittances, $429 billion of which went to developing countries. On average, these workers paid 7% in remittance fees. Those over $40 billion in fees went straight into the pockets of remittance […]
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