Seva Money closed a $5 million Seed round. The London-based fintech was backed by Blockwall and Revent. It builds wallets and cards for remittance recipients.
Funding so far
Seedcamp, Stride.VC, and Ada Ventures also joined the round. Angel investors included Husayn Kassai, Benjamin Fernandes, and Michael Kent. The three firms had previously invested at Pre-Seed.
Markets and expansion
Seva Money's receive-side services are live in India and Mexico. Over the next 12 months, the company plans to launch in the Philippines, Kenya, Nigeria, Tanzania, and Ghana. Founder Ritu Soni previously held senior product roles at WorldRemit, Paysafe, Skrill, and Lebara Money.
What recipients get
The company provides money transfer operators with a white-label wallet and card. The product works with existing transfer flows and supports fiat and stablecoins. In India, cards can include health benefits such as consultations and medicine discounts.
The new capital will fund product development and expanded MTO partnerships. It will also support entry into key receiving markets. The company reports retention gains of up to 29% under its model.
Read more: techfundingnews.com