Mobile payments startup Beamit raises USD2.4 million

Focusing on the Philippines

Mobile payments platform Beamit, which specialises in international money transfers between the US and developing markets, has closed a USD2.4 million seed round led by Founder’s Co-op, with participation from Bezos Expeditions and TomorrowVentures – Eric Schmidt’s investment vehicle. Previously Beamit raised USD750,000.

The Seattle-based startup’s primary focus now is on the Philippines, which annually receives about USD7 million in transfers from the US. Payment methods in developing countries are often inefficient as money operations, including cash withdrawals, are done through physical branches.

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