A London-based startup called Seva Money has raised $5 million in seed funding.
Seed funding is an early investment round that helps a young company grow.
The company was founded by Ritu Soni, who has worked in the money transfer industry for years. She noticed a gap.
Firms compete hard on price and exchange rates, but they often lose touch with customers once the money arrives.
So why does this matter? Remittances are money that migrants send home to their families.
The World Bank estimates global remittances at $905 billion in 2024.
Key points
- Seva Money raised $5 million in seed funding, co-led by Blockwall and Revent.
- It gives money receivers a wallet and card with health and financial services.
- The service already works in India and Mexico.
- Over the next 12 months, five more countries are planned.
How would the card help a family in India?
Seva Money provides a wallet and card for people who receive money from abroad.
It works with money transfer companies, which are called MTOs. These companies can present the card under their own brand.
Take a simple example. Someone in the UK can add funds to a card held by a parent in India.
According to the company, the parent could get up to 60 free at-home specialist consultations each year.
The card also offers up to 20% off on medicines through partners such as Tata 1mg and PharmEasy.
The product supports both regular money and stablecoins. Stablecoins are digital tokens designed to keep a steady value.
Who is backing the company?
Blockwall and Revent co-led the new round.
Seedcamp, Stride.VC and Ada Ventures, which invested earlier, are also taking part.
Angel investors include Husayn Kassai, Benjamin Fernandes, founder and CEO of NALA, and Michael Kent.
Damien Roch, partner at Blockwall, said his firm has long backed stablecoin technology.
He said it is exciting to see it used by larger remittance players.
What happens next for Seva Money?
The service for receivers is already live in India and Mexico.
Over the next 12 months, the company plans to launch in the Philippines, Kenya, Nigeria, Tanzania and Ghana.
The company's model depends on recurring revenue.
It says operators can earn new income from existing customers, and that retention is up 29%. This is the company's own claim.
Graphic: News Anek, from the facts in this report
Startup Story
The story so far
- The start: Ritu Soni saw money transfer firms compete on price but lose touch with customers after the money arrived.
- The turn: Seva Money built a wallet and card for money receivers and closed a $5 million seed round.
- Now: The service is live in India and Mexico, with five more countries planned over the next 12 months.
How it makes money
Seva Money provides money transfer operators with a branded wallet and card for their receivers, along with health and financial services. The company says operators can earn new revenue from existing customers, so its model focuses on recurring income.
One lesson
Look for the problem that remains after a sale, because a continuing relationship with customers can become a steady source of income.
The numbers
| Seed funding round | $5 million (Source: Seva Money announcement) |
|---|---|
| Retention increase for operators | 29% (Source: Seva Money (company claim)) |
| Global remittances in 2024 | $905 billion (Source: World Bank estimate) |
This is general information from news reports, not financial or investment advice.
