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Seva Money lands 5M seed, closing a $5 million round to build wallet and card services for people who receive remittances in India and Mexico. The London-based fintech said the round was co-led by Blockwall and Revent, with earlier investors and angel backers also participating, according to the funding announcement.
The financing supports product development, more money transfer operator partnerships, and expansion into receiving markets. Its receive-side services are already live in India and Mexico, and the company plans to launch in the Philippines, Kenya, Nigeria, Tanzania and Ghana over the next 12 months.
How Seva Money Lands 5M Seed for Receive-Side Services
The company provides money transfer operators, or MTOs, with a white-label wallet and card they can offer to recipients. The services work with existing transfer flows and support both fiat currency and stablecoins. The source describes a UK sender adding funds to a card held by a parent in India as one example.
The company says its integrated services can include financial and health offerings. According to the company website, a recipient could receive up to 60 free at-home specialist consultations per year. The card also offers up to 20% off medicines through partners including Tata 1mg and PharmEasy, the source reports.
Founder and CEO Ritu Soni previously held senior product roles at WorldRemit, Paysafe, Skrill and Lebara Money. The source says she founded the startup after years in the remittance sector, where she observed that providers compete on price and exchange rates but can lose customer engagement after funds are sent.
“MTOs have spent decades competing for the transaction, largely on price and FX. But the real opportunity is what happens after the money arrives,” Soni said. She said the company is building infrastructure to help operators stay connected with customers after payout.
New Markets and MTO Partnerships Ahead
The round includes participation from Seedcamp, Stride.VC and Ada Ventures, all of which invested in its pre-seed round. Angel investors named in the announcement include Husayn Kassai, Benjamin Fernandes, founder and CEO of NALA, and Michael Kent.
Revent founding partner Dr. Lauren Lentz said the company focuses on the people receiving money and argued its stablecoin-powered card could offer financial and health benefits. Her remarks are an investor’s assessment, while the service availability and benefits described by the company remain company claims.
Seva Money is entering a market where other firms are also developing services around transfers. The source notes that Remitly has launched a stablecoin wallet and debit card, starting in Latin America. It also reports that Seva Money estimates the global money transfer operator market at $1 trillion; that is the company’s estimate, distinct from the World Bank’s estimate of $905 billion in global remittances in 2024.
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The $5 million will fund product work, partnership growth and the planned market launches. The next step identified by the company is expanding its receiving services into five named countries over the next 12 months, while building relationships with more MTOs.
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