Global remittance company SureRemit has closed its ICO on its hard cap, pulling in up to $10m.
The company sold 500 million of its RMT tokens, which were sold at $0.02 per token.
SureRemit app, which is available on iOS and Android, allows consumers to use RMT tokens to buy shopping vouchers and pay bills for family around the world. Through the app, users can connect their digital token wallets, directly pay bills for friends and family with tokens, buy airtime with the RMT tokens, and access a range of digital shopping vouchers.
The platform is currently used in Nigeria and Kenya, and is partnered with over 200 companies which include Jumia, Amazon, Samsung, KPMG and Schneider Electric, among others.
Following the close of its ICO the company will look to launch a beta of its app and drive marketing efforts later in the quarter. In Q2, SureRemit will look to expand operations to the Middle East and India, as well as releasing the full app.
By the end of the year, the company hopes to expand its presence to the Latin America and SouthEast Asia markets.
Late last year, FinTech Acquisition Corp acquired and merged with Latin America-focused remittance solution Intermex Wire Transfer. Intermex is an online solution that enables companies to transfer money to 17 countries in Latin America.
International money transfer solution EMQ also raised capital at the end of 2017, closing a $6.5m Series A round from unnamed Silicon Valley entrepreneurs. The capital was raised to support approval of regulatory bodies and to help push its research and development in compliance.
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