Blockchain Based Fintech Startup, Almond Finance, Aims To Improve Digital Transactions
Boston and Singapore-based Fintech startup, Almond Finance, raises funds to improve its services in the latest funding.
There is no doubt that technology has progressed a lot. Yet, the banking sector has to see potential growth to support digital transactions globally. This blockchain-based startup is aiming to improve digital transactions. The startup has raised $2 million in the latest funding round.
The latest funding round was led by Morningside Group. However, different other angel investors also participated in the round. The startup was founded by two MIT graduates – Adam Swartzbaugh and Yunus Sevimli.
It will not be wrong to say that 2021 has been a great year for the fintech industry. Because overall, the fintech industry-related startups have banked a lot of investments. Which has potentially increased the development of fintech mobile applications.
The fintech startup allows users to make digital transactions. It uses blockchain technology to allow users to move funds across borders without even having a bank account.
The platform believes that it provides the friendliest way of transferring money. There are a number of benefits that the application provides to its users. For example, it allows users to stay connected without even installing a new app or software. They can stay connected with their own financial institutions.
The API on which the application work is a bit slow, however, and it takes up to 3 weeks for the users to start sending and receiving money across the network. However, the process of transactions takes only a few seconds and that also is traceable.
Moving forward, the startup is planning to open its first money transfer corridor in the first quarter of 2022. This new corridor will essentially focus on Southeast Asia and North America.
Moreover, as per the latest reports, the platform is currently in discussions with potential partners in Thailand and Malaysia and also finalizing agreements with the two largest financial institutions in Cambodia. However, the platform is, at the moment, planning to use the newly acquired funds to make hirings and increase its international footprint.