There has grown to be an opportunity to disrupt a huge market where technology has yet to have impact, which is now drawing investors into the market for international remittance, otherwise known as helping immigrants send money back to their native countries.
That is why one company, Boom Financial, has taken on a $17 million round to grow its operations as the remittance of funds, from one country to another, is a costly procedure. The Wall Street Journal recently reported that mobile banking company m-Via has raised $17M in funding and changed its name to Boom Financial.
Boom provides a cross-border online financial platform for people without bank accounts. The company serves immigrant families with the ability to save, share and spend their money globally, which is very important for immigrants with families abroad. Boom’s mobile money service eliminates the need for traditional cash wire transfers by allowing members to use phones to make low-cost, bank-grade payments using text messaging. Users can make purchases and withdrawals at Boom vendors and ATMs. They simply load money to their account at participating retail locations, a text the amount of money to transfer and the phone number of the recipient... Read More
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