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HiWiPay Secures $2 Million in Seed Funding for Cross-Border Payments

HiWiPay, a platform for cross-border payments, has successfully raised $2 million in a seed funding round led by Unicorn India Ventures. This funding round also saw contributions from Dewang Neralla’s family office, Jupiter Metaverse LLP, and several angel investors, including Ritesh Malik, Mitesh Shah, and Nilesh Doshi.

The funds will be directed towards expanding and improving the trade remittance operations, along with scaling efforts in the education remittances field, according to a press release from HiWiPay.

About HiWiPay

Established in 2022 by co-founders Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay serves as a cross-border payments solution aimed at delivering a smooth digital experience. It eliminates the hassles of paperwork while ensuring transactions are secure and compliant. The platform addresses various challenges, including the lack of transparency in exchange rates, high forex margins, and compliance hurdles.

Streamlining Payment Processes

Based in Mumbai, this startup aspires to simplify operations across multiple sectors plagued by complex procedures. HiWiPay offers competitive exchange rates and real-time tracking to facilitate effortless global payments.

Expansion Plans

HiWiPay intends to launch its student app in the UK to create a footprint in significant European hubs. The company claims to have formed partnerships with numerous banks and NBFCs to assist individuals in obtaining education loans, thus making international studies more attainable. Additionally, it plans to tap into the SME trade remittance market and is set to release co-branded forex cards and further financial services tailored for students.

Future Goals

Over the next 12-18 months, HiWiPay aims to onboard 5,000 international students onto its app. The firm projects its transaction volume will hit $100 million in remittances and aspires to grow its network of education consultants to 1,000. Furthermore, it plans to assist 1,000 SME exporters with trade remittance solutions while enhancing banking relationships to better FX rates and improve payment efficiency.

In the trade remittance arena, HiWiPay faces competition from firms like Skydo and Bricks Pay, while competing with Fly Finance in the education remittance sector.

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