Mobile operator Digicel Group has led a $17m round of funding for Boom Financial, a provider of banking for the un-banked, formerly known as M-Via.
Also taking part in the round were venture firm RRE Ventures and Mexicans and Americans Thinking Together [MATT.org], a US-based non-profit organisation.. The round takes Boom Financial to $30m raised to date.
Colm Delves, CEO of Digicel Group, said: “Digicel believes in providing the best value to our customers. Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built. 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.”