Seva Money raises $5M seed co-led by Blockwall and Revent for remittance recipient wallets

Seva Money has raised a $5 million seed round co-led by Blockwall and Revent. Seedcamp, Stride.VC and Ada Ventures, which backed the pre-seed round, also participated, alongside angels including Husayn Kassai, Benjamin Fernandes of NALA and Michael Kent.

The London company, led by founder and CEO Ritu Soni, builds white-label wallets and cards that money transfer operators offer to the people receiving their remittances, bundled with financial and health services. The product runs on operators' existing transfer flows and supports fiat and stablecoins.

Receive-side services are live in India and Mexico. Over the next 12 months Seva plans to enter the Philippines, Kenya, Nigeria, Tanzania and Ghana. The company says operators see retention up 29%. The money goes to product development, more operator partnerships and entry into those markets.