Singapore and Boston based B2B startup Almond Finance that offers a blockchain-based fund transfer infrastructure connecting financial institutions globally has raised US$2 million in seed funding led by Morningside Group along with participation from other angel investors.
The funding will help the company to drive product development, hiring, and adhering to the compliance requirements for multiple markets.
“It was a pleasure to work with the Almond Finance team on this funding round. They are an impressive and diverse group who are poised to disrupt the industry. We are expecting great success with their innovative platform,” said Mick Sawka, Investment Manager at Morningside Group.
The FinTech startup aims to open its first money transfer corridor that will focus on Southeast Asia and North America in the first quarter of 2022.
Almond Finance’s innovative platform offers interoperability between existing mobile wallet and payment services that enable users with or without the bank account to transfer money across borders.
Almond Finance states that it offers a suite of APIs that enable P2P transfers, digital currency-based international settlement, and mobile user interface or white-labelled web. The firm believes that it offers the friendliest way of money transfers. It offers various benefits to its users, for instance, it allows users to stay connected without even installing new software or app. Users can stay connected with their financial institutions.
According to the company, it is presently in talks with potential partners from Malaysia and Thailand to build its network and is finalizing agreements with two of the largest financial institutions in Cambodia.
Almond Finance is also looking at neo-banks, US-based banks, and credit unions to join its network of international money transfers, facilitating individuals to transact with its user base in the Asian region.
The startup was founded by two MIT graduates- Yunus Sevimli and Adam Swartzbaugh.