SendFriend Allows Expats To Send Money Back Home Cheaply with xRapid

SendFriend is a new startup, whose platform is designed for migrant workers who send funds back home but generally overpay for international money transfers. With the new app launching in the Philippines, it has the potential to service approximately 10 million Filipino workers around the world in 170 countries, with many sending money back to their home country.
The company has garnered awards and built relationships with industry leaders in order to launch their services, even winning the MIT Media Lab Translational Innovation Alliance Award. The platform has found support with MIT Media Lab, Mastercard, Deloitte, and Ripple. Ripple’s XRP-powered xRapid has also been integrated to lower the cost and increase efficiency of cross-border payments. While there are similar companies fighting for market share, SendFriend is the only one based off a distributed ledger.
Developed at MIT by CEO and founder David Lighton, SendFriend will launch this year, first starting in New Jersey and then hopefully obtaining licenses in other states, so expats can transfer money to the Philippines, at a cheaper rate.
According to David Anderson, chief revenue officer, the average fee of companies similar to Western Union, is around 7%, but with SendFriend, clients can settle for 2.5 to 3%. He is quoted as saying:
“That allows us on the back end to be more efficient with our capita. These are real time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.”