Hong Kong-based remittance service Bitspark has closed an undisclosed funding round from RGAx.
Bitspark is a cryptocurrency brokerage service for money transfer operators across the globe. The end-to-end blockchain remittance platform is predominately used in seven countries with more than 100,000 cash distribution points including banks, convenience stores and mobile money payments.
RGAx is the innovation accelerator of Reinsurance Group of America, and has $3.3trn in life reinsurance in force.
The partnership will help mutual ambitions of providing financial protection to undeserved populations.
With the investment, Bitspark will look to boost its presence around the world, primarily the US and Asia Pacific regions. The company will also soon be launching new updates to the platform.
RGAx CEO Dennis Barnes said, “At RGAx we are actively partnering with our existing clients and new innovators, such as Bitspark, to create business opportunities that improve consumer access to financial services. We believe Bitspark’s technology could help reduce friction for the millions of people who use remittance to support their families and friends abroad.”
The largest chunk of funding in the Hong Kong FinTech sector since 2014 has gone to the payments and remittance companies, with it accounting for 23 per cent of the activity. The country’s biggest deal in payments sector was POS developer ibox mPOS, which raised $1.3m in 2015.
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