The firm allows people to send money across borders through block-chain tech, even without a bank account
In a seed funding round led by Morningside Group, Almond Finance, a block-chain based money transfer service based in Boston and Singapore, has raised US $ 2 million.
The start-up was founded last year by Adam Swartzbaugh and Yunus Sevimli – both MIT Sloan School of Management graduates. The firm allows people to send money across borders through block-chain tech, even without a bank account.
In the first quarter of 2022, the fin-tech firm aims to open its first money transfer corridor, which will focus on Southeast Asia and North America. Almond Finance said in a statement it is currently in discussions with potential partners in Thailand and Malaysia and also finalizing agreements with the two largest financial institutions in Cambodia.
Almond Finance plans to use the fresh funds for hiring, product development, and compliance purposes.
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