Pangea, the Chicago-based international money transfer platform, has raised a new round of financing to execute its product roadmap led by Richard Kiphart of KGC Capital. Other institutional investors participating in the round include Chicago Ventures, Jump Capital, OCA Ventures and BW Capital Partners, with participation of Terry Diamond and existing seed investors.
“Over the years we have been involved with numerous payments companies. Pangea’s innovative approach to money transfer and potential to scale sets it apart from others in the space. We believe the product will have a lasting impact on the way millions of consumers transfer money. We were impressed by the team’s experience and product vision and are excited to support Pangea and help scale the product globally,” said Richard Kiphart.
Pangea has appointed payments and retail industry veterans Jane Thompson, Alejandro Silva and Richard Kiphart to its board of directors, alongside Founder and CEO Rahier Rahman and COO Nishu Thukral.
“We have spent over a year building a state-of-the-art payment platform that will reduce the massive inefficiencies in the current model of international remittance. Our online, mobile and retail channels will usher in a new age of convenience for consumers that will offer ubiquitous access to global money transfer,” says Founder and CEO Rahier Rahman.
Pangea’s Advisers, Investors and Team members bring extensive retail and payments expertise from iconic companies like Walmart, Walgreens, First Data, American Express, Redbox and Starbucks among others. Founded in the fall of 2012, Pangea is currently in private beta and will soon launch its multiplatform solution.
Pangea will enable users to transfer funds internationally through a mobile app, web portal and retailer partners. Pangea’s remittance solution will include flexible payment vehicles, an enhanced user experience, significant cost savings and an industry leading compliance and risk analytics platform.
Richard Kiphart is currently head of William Blair & Company’s Private Client Advisors and a principal of the firm for over 45 years. He is a former board member of the global payments processor First Data Corporation during a time when the company owned the Western Union and Orlandi Valuta money transfer networks. Kiphart is also president of the Lyric Opera of Chicago and serves on the board of Children’s Memorial Hospital, Debt AIDS Trade Africa, Columbia College (Illinois), Ranir, Lime Energy and Trustwave Holdings, Inc. among others. Kiphart was previously Co-Chairman of SAFLINK Corp. and Chairman of Concord EFS, Inc. (which merged with First Data in 2004).
Jane Thompson is the former president of Walmart Financial Services where she helped establish the Money Center and developed strategic partnerships with MoneyGram and Green Dot. She is a former Executive Vice President of Sears Credit and Home Services. Thompson was named American Banker Magazine’s Innovator of the Year in 2011 and previously was recognized as one of the 25 Most Powerful Women in Finance. She has also served as partner at McKinsey & Co., and worked in brand management and marketing at Procter & Gamble. She is currently a board member of Verifone (NYSE: PAY), the Consumer Financial Protection Bureau (CFPB), and The Fresh Market, and was formerly a board member of ConAgra Foods (NYSE: CAG).
Alejandro Silva is chairman and CEO of Evans Food Group, Ltd. and is a board member of Walgreens Co. (NYSE: WAG). Silva brings more than 35 years of retail and vendor experience. In 1980, he founded Alimentos Finos Del Norte, in Saltillo, Mexico, before acquiring Evans Food Group. Silva serves on the board of directors of Chicago’s PrivateBancorp, Inc. (Nasdaq: PVTB), the Museum of Science and Industry in Chicago, The Field Museum, and the Chicago Symphony. He is also the Chairman of the Finance, Audit and Budgeting committee for the Chicago Transit Authority and vice president of the Mid-America Chapter of the United State/Mexico Chamber of Commerce.