Almond Finance, a business to business (B2B) technology provider offering a blockchain-based funds transfer infrastructure to connect financial institutions and their users globally, has closed a seed funding round of $2 million.

The fundraising, led by Morningside Group, will drive hiring, product development and compliance requirements for multiple markets, Almond Finance said in a statement.

Almond’s innovative platform provides interoperability between existing mobile wallet and payment services, allowing people to send money across borders – with or without a bank account.
The company is aiming to open its first money transfer corridor in the first quarter of 2022, with an initial focus on Southeast Asia and North America.

According to the statement, Almond Finance is currently in discussions with potential partners from Thailand and Malaysia to build its network, and is finalizing agreements with two of the largest financial institutions in Cambodia.

Additionally, Almond Finance is seeking U.S.-based banks, neobanks and credit unions to join its international money transfer network, enabling individuals to transact with its userbase in Asia.

“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.

Based in Boston and Singapore, Almond Finance is a blockchain-based funds transfer infrastructure, connecting hundreds of financial institutions globally.

It provides the technology and network to enable millions of users worldwide to send money across borders using their existing financial institutions.

Its platform is an innovative transfer network built for speed, security and accessibility. It offers a suite of application programming interface (APIs) that enable peer-to-peer transfers, digital currency-based international settlements and a white-labeled, web or mobile user interface.

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