moneyHOP, a UK-based company with an Indian subsidiary that provides seamless and cost-effective payments and remittance solutions, has raised $1.25 million in a seed round.
The funding was led by UK-based investors and managing directors from various multinational investment banks with experience in financial services.
This capital infusion will help moneyHOP strengthen its team at all levels, pursue aggressive growth targets, venture into the cross-border MSME payment space, and expand its international presence. Some of the investors from the previous round held in 2020 also participated in the round.
moneyHOP is on a mission to provide seamless and cost-effective cross-border payments and remittance solutions for individuals and businesses in India. It will soon move into other geographies globally.
The startup’s three key areas of focus are – Send, Spend, and Collect – which are catered via HOP Remit, HOP App + Card, and HOPPay solutions.
It aims at capturing the global aspirations of individuals and businesses who move around the world, live in different countries, and sell to consumers worldwide.
Founded in 2019, moneyHOP’s HOPRemit platform has helped thousands of international students and others remit tuition fees and maintenance in a digital, cost-effective, and paperless manner through its platform.
moneyHOP has partnered with several key players in the ecosystem and enabled them to provide remittance on their platforms through RaaS (Remittance-as-a-Service). The startup claims to have seen a consistent 100 percent monthly growth since its launch.
Further, moneyHOP’s HOPApp, a multi-currency bank account, provides the users with the ability to use the card — a combination of both debit and FX cards — in India and abroad. The application provides customers with the ability to exchange currency in real-time on the app at near zero percent markup and spend like a local anywhere across the world. The app also enables the customers to send money abroad while on the go.
Talking about the funding, Mayank Goyal, CEO and Founder, moneyHOP, said,
“We are pleased to have international investors and prominent angels in the industry backing our vision. This funding will fuel our mission of providing businesses and individuals with a unified platform that makes international payments and remittances paperless, presence-less and cashless while also being cost-effective. We are excited to relentlessly pursue our aim to revolutionize cross-border banking for millennials and businesses in India and globally.”