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Every year millions of dollars are being sent by migrants in the United States to different countries across the globe. A recent study showed that the money sent back home are usually sent for food and upkeep of their family back at home. Unfortunately, only a part of the total money sent as remittance actually gets back home; a few percentages, which quickly adds up, are withheld by corporate companies as remittance fee.
Banks and other companies, which aid the global transfer of money, are in the habit of charging a substantial amount as transfer fee, sending a much leaner part of the total money to the people back home.
Fortunately, blockchain-based companies such as SendFriend are out to curb this menace by creating a better means of ‘actually’ transferring money globally. SendFriend was established by a group of MIT experts who have a wealth of experience with MoneyGram and the World Bank. This FinTech company is focused on helping Overseas Filipino Workers (OFWs) to transfer money back home without breaking a sweat. Through SendFriend, OFWs can now enjoy a safe, easy, and fee-less means of transferring money to their families back home.
The company, which is backed by big industry players such as Barclays, 8 Decimal Capital, Techstars, the Mastercard, 2020 Ventures, Mahindra Finance, Ripple, and MIT Media Lab, recently announced that it raised a total of $1.7M to bolster its project of seamless global transfer. SendFriend is able to carry out this enormous task by working closely with the crypto-firm Ripple, which stands behind the cryptocurrency XRP. In collaboration with Ripple, SendFriend can easily convert the US fiat currency, Dollars, to XRP, which in turn will be converted to Philippine Piso (PHP). The company boasts a fee 65% lower than the average industry charge. This is feasible as XRP helps circumvent the ridiculous banking system and charges.
Yuan Ruan, the Founder of 8 Decimal Capital, stated that they are happy to aid the project because of their faith in SendFriend. According to Ruan, SendFriend has built strong partnerships with big industry players while focusing on its goal of creating a foundation capable of drastically minimizing friction in the remittance market. He added that SendFriend has a good combination of a team of experts, multi-million remittance market, big investors, and a strategy aimed at more than revenue from transactions.
Commenting on the project, David Lighton, co-founder and CEO SendFriend, stated that they are humbled by the unwavering support of their investors who believe in their vision to provide a seamless and cost-efficient means for OFWs to send money back home. He asserted that this project will allow them to build their team and direct their focus on engagements and marketing efforts.