UK fintech secures funding from Seedcamp, Blockwall, Revent, Stride and Ada Ventures to scale its stablecoin-powered receive-side platform, enabling Money Transfer Operators to turn one-off remittances into ongoing financial relationships
LONDON — 09 November — Seva Money, the UK-based fintech building receive-side infrastructure for the global diaspora, has today announced a $5 million seed funding round co-led by Blockwall and Revent, with participation from its pre-seed investors Seedcamp, Stride, and Ada Ventures. The fresh capital will scale its platform and expand partnerships across the $1 trillion global Money Transfer Operators (MTOs) market.
Seva Money is also backed by angel investors with experience leading and building in the fintech, payments, and MTO space including Husayn Kassai founder of Onfido, Benjamin Fernandes founder of Nala, and Michael Kent, founder of Tandem Bank and Azimo, and more.
MTOs move billions of dollars in remittances every year, but their relationship with customers typically ends when the money is paid out. While significant innovation has focused on making money faster, cheaper, and easier to send, the rails were built for transactions, not relationships. Many recipients still receive money with no ongoing financial product or service attached.
Seva Money is building Unified Remittances: the infrastructure to change that, letting senders provide more for their families back home because money sent home should do more than arrive.
Its receive-side platform enables MTOs to offer customers a wallet and card with embedded financial and healthcare services, integrated directly into their existing transfer flows. Rather than requiring MTOs to build their own wallet, card infrastructure, or embedded services, Seva Money provides a white-labelled receive-side proposition.
The result is a new relationship beyond the transaction itself. A transfer can become the starting point for an ongoing financial relationship between the MTO and the recipient, creating opportunities for recurring revenue while giving families access to products and services that support their wealth, health and happiness beyond the moment money arrives.
“MTOs have spent decades competing for the transaction, largely on price and FX. But the real opportunity is what happens after the money arrives. The receive side has been overlooked, and that is where we believe the next major opportunity sits,” said Ritu Soni, Founder and CEO of Seva Money. “We are building the infrastructure that allows MTOs to stay connected to their customers beyond the payout — turning a one-time transfer into an ongoing relationship. This funding gives us the ability to scale that infrastructure and bring the receive-side proposition to more markets and more MTOs.”
Most remittance infrastructure focuses on the sender and the movement of funds. Seva Money is taking a different approach, building around the needs of the person receiving the money and the diaspora family supporting them. Money is the means; prosperity is the point.
Seva Money’s platform combines fiat and stablecoin rails, allowing MTOs to connect their existing transfer infrastructure to a broader set of financial services on the receiving side. The platform is designed to support a range of use cases, from everyday card spending and rewards to embedded savings, healthcare and other services tailored to the needs of recipient communities.
For MTOs, the proposition is not simply another product to add to their transfer offering. It offers an opportunity to extend the economics of the customer relationship beyond the transfer itself, create a new revenue layer from existing customers and corridors, and increase retention by 29%.
The funding will accelerate Seva Money’s product development, drive expansion of its MTO partnerships, and grow its presence across key receive markets. The company’s receive-side services are currently live in India and Mexico, with market expansion in the Philippines, Kenya, Nigeria, Tanzania and Ghana planned in the next 12 months.
Seva Money’s investors are focused on helping drive change in the remittance market.
Will Bennett – Principal at Seedcamp, “It’s been a pleasure to work with Ritu and team Seva Money as they drive the future of cross-border money transfer. By combining stablecoin rails with embedded rewards, Seva Money has created a genuine 10x experience for receivers of remittance payments in India and beyond.”
Damien Roch – Partner at Blockwall, “We’re thrilled to support Seva Money as it enters its next phase of growth. Blockwall has been a long-standing investor in the stablecoin ecosystem, and it’s exciting to see stablecoin technology now going live within the infrastructure of the market’s larger remittance players.”
Dr. Lauren Lentz – Founding Partner at Revent, “Almost a trillion dollars is moved annually in global remittances – but the underlying business model is broken. Seva Money uniquely addresses the challenge of those moving the money by focusing on the ones benefiting from it. Their Stablecoin-powered card unlocks financial and health benefits for beneficiaries, giving cross-border families more control and security and money transfer organisations (MTOs) a recurring business model. Revent is thrilled to partner with this uniquely qualified team on their mission to transform modern remittances.”
Gabbi Cahane – Partner at Stride.vc, “Remittance is a trillion-dollar industry that keeps less than a dollar of every thousand it moves, because once the money lands, the MTOs walk away. This is a race to the bottom. Ritu has spent twenty years on the front lines of this space, and it’s hard to find better founder-market fit for building exactly what’s missing.
Seva Money delivers the medicine, the doctor’s visit, the savings and the peace of mind that turn a single transaction into a recurring relationship. Send-to-spend is where this category goes next, and we’re proud to have backed Ritu from the start.”