UK-based fintech Seva Money has raised $5 million in a seed funding round to expand its platform for families receiving money from abroad.
The round was co-led by Blockwall and Revent, with participation from existing investors Seedcamp, Stride and Ada Ventures.
The company is developing infrastructure that allows money transfer operators (MTOs) to offer recipients more than a cash payout. Through Seva Money’s platform, operators can provide branded digital wallets and cards with financial and healthcare services built in. The model is designed to give MTOs additional ways to generate revenue after a transfer has been completed.
Most money transfer services focus on getting funds from sender to recipient. Once the money is paid out, the relationship between the operator and the recipient often ends. Seva Money is targeting this part of the remittance process, giving recipients access to services they can continue using between transfers.
Its platform combines traditional fiat payment infrastructure with stablecoin rails. MTOs can integrate the service into their existing transfer flows without having to build their own wallet, card infrastructure, or additional financial products. The offering is white-labeled, allowing operators to provide the services under their brands.
Recipients can use the platform for everyday card payments and rewards, while the wider range of services includes savings, healthcare, and other products tailored to local communities.
The company says this approach can help families get more value from the money they receive and give transfer operators a way to maintain contact with customers beyond individual transactions.
Seva Money plans expansion into five markets
The company’s receive-side services are already available in India and Mexico. Seva Money plans to enter the Philippines, Kenya, Nigeria, Tanzania and Ghana over the next 12 months. The new funding will go toward product development, building additional partnerships with money transfer operators and supporting this expansion.
Seva Money also says its model can improve customer retention for MTOs by 29%. The company did not provide further details about the calculation behind that figure in the announcement.
Founder and CEO Ritu Soni said money transfer operators have traditionally competed on transaction fees and foreign exchange rates, while the services available to recipients after a payout have received less attention.
The new funding will help the company expand its infrastructure and bring its receive-side products to more operators and markets, she added.
Soni previously held senior product positions at WorldRemit, Paysafe, Skrill and Lebara Money. Her experience in the payments and remittance sectors is central to Seva Money’s focus on the recipient side of cross-border transfers.
Investors back a broader remittance model
The seed round also includes support from angel investors with experience in fintech and payments. They include Husayn Kassai, founder of Onfido; Benjamin Fernandes, founder of Nala; and Michael Kent, founder of Tandem Bank and Azimo.
Investors pointed to the size of the remittance market and the opportunity to build services around people receiving cross-border payments. Blockwall, which has invested in the stablecoin sector, highlighted the use of stablecoin technology in remittance infrastructure. Revent said Seva Money’s model focuses on the needs of recipients as well as the businesses moving the funds.
Stride partner Gabbi Cahane said money transfer operators have traditionally generated revenue from the transfer itself, leaving limited opportunities once funds reach the recipient. Seva Money’s approach, in his view, could help operators build longer-term customer relationships through services such as healthcare, savings, and card payments.
The company describes its model as “Unified Remittances.” Rather than treating a transfer as a one-off transaction, it aims to connect the payment with financial and other services that recipients may need over time.
Seva Money is entering a market where operators have largely focused on the cost and speed of sending money. Its expansion will test whether adding wallets, cards and other services can create a more lasting relationship with recipients while giving MTOs another source of revenue.
