Text remittance outfit m-Via has been re-christened as Boom Financial after securing a $17 million financing round led by Digicel.
Operating across 31 markets, including the Caribbean, Central America and the South Pacific, Boom provides an SMS-based remittance service for the unbanked and immigrant population in the US. Cash recipients can make purchases and withdrawals at thousands of participating Boom merchants and at over 100,000 Boom ATMs in more than 150 countries.
Existing investors RRE Venture and Matt.org joined Digicel in the latest round, bringing the total funds raised by the company to $30 million.
Boom says it will use the investment to expand its product team in the US, as well as to increase sales channels and distribution in the US, Latin America, and the Caribbean.
Colm Delves, CEO of Digicel Group, says: "Digicel's customers in the Caribbean and Central America receive more than $5 billion a year in cash remittances from the U.S. Working with the Boom Financial team, we will seed a mobile banking ecosystem in these markets that eliminates the high fees and safety issues associated with cash remittances."
Bill Barhydt, CEO of Boom Financial says Digicel's presence in key locations such as Haiti and Jamaica "will accelerate our reach into these markets."