Funding for fintech startup: Mumbai-headquartered HiWi, the cross-borders remittance fintech, on Thursday, announced that it has raised Rs 7.25 crore in a pre-seed funding round led by Unicorn India Ventures and the Unmaj Group Family. According to a release, the funding will be utilised by the fintech to advance product development and execute a marketing strategy.
As per the release, HiWi primarily works in simplifying remittances for students studying abroad. The fintech aims to streamline the remittance process for students, and SMEs into international trade, and industries. It provides a user-friendly mobile application for students to transfer funds, open foreign bank accounts, access financing options, manage card expenditures, and accrue loyalty points, all while ensuring compliance with regulatory requirements.
The platform has facilitated transactions worth $3,00,000 in its pilot phase.
Dewang Neralla, Founder of HiWi said, “I would like to thank Unicorn India Ventures and Unmaj Group for having confidence in HiWi’s vision to make cross-border remittances accessible and convenient for all stakeholders. Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process.”
The platform aims to onboard 25,000 students and 5,000 educational institutions and remit $100 million by March 2025.
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Anil Joshi, Managing Partner, Unicorn India Ventures said, “HiWi is combining the power of tech and addressing a much-needed gap in facilitating cross-border payments that are easier and more convenient for both parents and students. The company is starting with foreign admission, but the product stack will be leveraged for other use cases post foreign admission, The future offerings canvas in this segment will give immense growth opportunities to HiWi.”
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According to the Ministry of Finance, India received remittances from Indians abroad worth $112.5 billion in FY23, higher by 26 per cent from $89.1 billion in 2021. India is the largest recipient of remittances in the world, and remittances play a major part in India’s Balance of Payments.