Seva Money raises $5M seed for the receiving end of remittances

London-based Seva Money has raised a $5M seed round co-led by Blockwall and Revent to build wallets and cards for the people who receive remittances, starting in India and Mexico.

Two co-leads and three returning backers

The round was announced on November 9, 2026. Blockwall and Revent co-led it. Seedcamp, Stride.VC and Ada Ventures, the pre-seed investors, took part again. The angels include Husayn Kassai, founder of Onfido, Benjamin Fernandes, founder of Nala, and Michael Kent, founder of Tandem Bank and Azimo.

The announced amount is $5M, which The Bae HQ reports as £3.7M. Seva Money says the money goes to scaling the platform, product development, new partnerships with money transfer operators and a bigger presence in the countries where money is received. It plans to launch in the Philippines, Kenya, Nigeria, Tanzania and Ghana within 12 months.

A wallet and a card for the family at the other end

Founder and CEO Ritu Soni spent years in product roles at WorldRemit, Paysafe, Skrill and Lebara Money. Her company sells a white-label wallet and card to money transfer operators, who plug it into the transfer flow they already run. It works on fiat and stablecoin rails and bundles financial and healthcare services for the recipient.

The example Seva Money gives is a sender in the UK topping up a card held by a parent in India, who then gets home medical consultations and discounted medicines through partners. The product is live in India and Mexico. The company says operators using it lift retention by 29%, without publishing the data behind the figure.

Soni frames the bet in one line. “The real opportunity is what happens after the money arrives,” she said in the announcement.

$728.6 billion in 2025, and no sizing yet for the receiving end

Remittances to low- and middle-income countries reached $728.6 billion in 2025, according to the IFAD report Sending Money Home 2026, published on September 15, 2026. That is 94% more than in 2016, or roughly 7.6% a year by our own calculation from IFAD’s figure. IFAD counts 220 million migrants supporting 1.1 billion relatives, and estimates that more than half of transfers now start through a digital channel. Only 35% of the services it measured were fully digital at both the sending and the receiving end.

That last number is the gap Seva Money is aiming at. Seva Money itself puts the global money transfer operator market at about $1 trillion, a company estimate from its November 9, 2026 announcement. Remittance volume measures the money that moves, and operators earn a fee on it, so the revenue pool of a receive-side wallet is far smaller. Stride’s Gabbi Cahane says remittance keeps less than a dollar of every thousand it moves, and we found no reliable sizing for the receive side yet.

For scale inside our own database, the stablecoin payments seed Noah raised in October is logged at €33.9M, more than seven times the size of Seva Money’s round. Every round in this corner is on our fundraising tracker.

Stablecoins meet the recipient

The co-leads come from different corners of fintech. Revent describes itself as an investor in health and economic empowerment, and Blockwall partner Damien Roch has pointed to stablecoin technology going live inside the larger remittance players’ infrastructure. A stablecoin-focused investor and a health and empowerment investor co-leading one seed suggests the rails and the recipient are converging.

Seva Money has two live markets, an unpublished retention claim and no disclosed revenue so far. Its backers include three returning pre-seed funds and angels who built Onfido, Nala, Tandem Bank and Azimo. Imagine if the wallet in a parent’s hand in Mumbai became the place where a family’s financial life starts.

Watch the five launches planned over the next 12 months, from the Philippines to Ghana. If you build or back fintech in Europe, the receiving end now has its builders, and we should keep backing them.