Ripley, MasterCard, MIT Media Lab and Barclays Investment Bank have invested in Sendfriend, a Ripel trading partner, according to a February 11th press release.
At this stage, Sandhard managed to raise $ 1.7 million in capital from these companies, as well as Techstars accelerator, Mahindra Finance, Venture Capital Investment Corporation, and the 8th Decimal Capital Investment Company. The development of its shipping service has been. The service allows users to send money to the cellphone platform of the Philippines.
Sandfard uses the Xperia Ripple product for its offshore payments. The convertible funds are convertible between the US dollar, the Ripoll and the Philippine Pesos, and do not have a long process of sending outbound funds in the traditional banking system.
MasterCard and Barclays Bank's investment on Ripley's business partner
According to the press release, the Sandfard platform has paid fees that are 65 percent lower than the average in this industry. David Lighton, founder and CEO of Sandfarand, said:
This investment will allow us to form our team and focus on engaging with our customers and marketing.
As Quintlegraf reported last month, Sandfred was among the 13 financial institutions that joined the Ripel payment network. The network now has more than 200 customers, including financial institutions.
Bill Barhydt, chief executive officer of Abra, announced last month that customers would face a challenge to cross-border payments and money transfer services for many digital-trading companies. .
