- Seva Money has closed a $5 million seed round, co-led by Blockwall and Revent.
- This London-based fintech provides remittance companies with wallets and cards they can offer to recipients.
- Remitly has launched a stablecoin wallet and debit card, starting in Latin America.
After years in the remittance space, Ritu Soni realised firms compete on price and exchange rates but lose customer engagement once the money’s sent. Her London-based startup Seva Money just closed a $5 million seed round co-led by Blockwall and Revent.
Seedcamp, Stride.VC, and Ada Ventures, the three that invested in the pre-seed, are all also participating in this round. Angel investors in the round include Husayn Kassai, Benjamin Fernandes, founder and CEO of NALA, and Michael Kent.
Seva Money’s receive-side services are already live in India and Mexico. Over the next 12 months, the company will launch in the Philippines, Kenya, Nigeria, Tanzania and Ghana.
A founder who built send-side products
Soni is a product leader, founder, and London Business School graduate. She held several senior product roles at WorldRemit, Paysafe, Skrill, and Lebara Money before founding Seva Money.
On the Seva Money website, she speaks about her experience as a migrant and the helplessness you can feel when you’re miles away from your family and worried about their health.
Seva Money provides money transfer operators, short for MTOs, with a white-labelled wallet and card for the recipients, with integrated financial and health services. It works on the existing transfer flows and supports both fiat and stablecoins.
For instance, someone in the UK could add funds to a card held by a parent in India. The Seva Money site states the parent could get up to 60 free at-home specialist consultations per year. The card also offers up to 20% off on medicines via partners such as Tata 1mg and PharmEasy.
“MTOs have spent decades competing for the transaction, largely on price and FX. But the real opportunity is what happens after the money arrives. We are building the infrastructure that allows MTOs to stay connected to their customers beyond the payout — turning a one-time transfer into an ongoing relationship,” said Soni, founder and CEO of Seva Money.
Seva Money’s business model focuses on recurring revenue. The company claims operators can generate new revenue from existing customers and corridors, with retention up 29%.
Investors call sending a race to the bottom
Seva Money estimates the global MTO market at $1T. The World Bank estimates global remittances at $905 billion in 2024. Migrants sent $728.6 billion to LDCs in 2025, according to the UN’s International Fund for Agricultural Development.
“We’re thrilled to support Seva Money as it enters its next phase of growth. Blockwall has been a long-standing investor in the stablecoin ecosystem, and it’s exciting to see stablecoin technology now going live within the infrastructure of the market’s larger remittance players,” said Damien Roch, partner at Blockwall.
“Almost a trillion dollars is moved annually in global remittances – but the underlying business model is broken. Seva Money uniquely addresses the challenge of those moving the money by focusing on the ones benefiting from it. Their Stablecoin-powered card unlocks financial and health benefits for beneficiaries, giving cross-border families more control and security and money transfer organisations (MTOs) a recurring business model,” added Dr. Lauren Lentz, founding partner at Revent.
Will Bennett, principal at Seedcamp, noted: “It’s been a pleasure to work with Ritu and team Seva Money as they drive the future of cross-border money transfer. By combining stablecoin rails with embedded rewards, Seva Money has created a genuine 10x experience for receivers of remittance payments in India and beyond.”
Gabbi Cahane, partner at Stride.VC, concluded, “Remittance is a trillion-dollar industry that keeps less than a dollar of every thousand it moves, because once the money lands, the MTOs walk away. This is a race to the bottom. Ritu has spent twenty years on the front lines of this space, and it’s hard to find better founder-market fit for building exactly what’s missing.”
Remitly is already building the receive side
Seva Money isn’t the only company in the space. Remitly had $495 million in Q2 2026 revenue, up 20% from the prior year, with over 10 million active customers each quarter.
Other players are taking a different approach. NALA took out a credit facility of up to $50 million in May 2026 to expand its stablecoin payment corridors following a $40 million Series A raised in July 2024 from Acrew Capital. LemFi closed a $53 million Series B in January 2025, led by Highland Europe, and reportedly raised an additional €30M in May 2026 as it looks to go beyond remittances.
The big deals are starting. Mastercard agreed in March 2026 to acquire BVNK, the stablecoin infrastructure firm, for up to $1.8 billion. Ripple invested in Flutterwave at a $3.2 billion valuation in June 2026.
The $5M will fund product development, expand MTO partnerships, and expand into key receiving markets. Seva Money’s value depends on whether operators who can’t or don’t want to build these solutions adopt it before bigger competitors do.
