Seva Money raises £3.7M seed to keep remittance firms connected to the families receiving the money

Seva Money, the London fintech founded by Ritu Soni, has raised a $5M (about £3.7M) seed round co-led by Blockwall and Revent.

Remittance companies compete hard for the sender, mostly on fees and exchange rates, then have little to do with the family at the other end once the payout clears. Soni, who held senior product roles at WorldRemit, Paysafe, Skrill and Lebara Money, argues the real opportunity sits after the money arrives. Stride.VC partner Gabbi Cahane is blunter, noting the industry keeps less than a dollar of every thousand it moves.

Seva gives money transfer operators a white-labelled wallet and card for recipients that runs on their existing transfer flows and supports both fiat and stablecoins. A sender in the UK can fund a card held by a parent in India, who gets up to 60 free at-home specialist consultations a year and up to 20% off medicines through partners such as Tata 1mg and PharmEasy. Operators get a recurring revenue line from customers and corridors they already serve.

The service is live in India and Mexico, and the company says operators using it lift retention by 29%. Neither revenue nor operator partners have been disclosed. Seva puts the money transfer operator market at around $1 trillion; the World Bank estimated global remittances at $905 billion in 2024.

Pre-seed backers Seedcamp, Stride.VC and Ada Ventures all returned, alongside angels Husayn Kassai, Michael Kent and NALA founder Benjamin Fernandes. The money goes on product development, more operator partnerships and launches in the Philippines, Kenya, Nigeria, Tanzania and Ghana over the next 12 months. It arrives as Remitly pushes into the same space with its own stablecoin wallet and debit card in Latin America.