MoneyHOP, a UK-based Startup 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 round was led by UK-based investors and managing directors from various multinational investment banks with experience in financial services.
With the investment, the startup will strengthen its team on all levels, pursue aggressive growth goals, rove into cross border MSME payment space, and expand its global reach. Some of the investors of the previous round held in 2020 also participated in this funding round.
The start-up is also in the process of providing seamless and inexpensive cross-border payments and remittance solutions for individuals and businesses in India. It will further spread into other geographies around the world.
moneyHop focuses on three key areas namely — Send, Spend, and Collect – which are catered through HOP Remit, HOP App + Card, and HOPPay solutions.
Launched in 2019, the moneyHOP’s HOPRemit platform has assisted thousands of foreign students and others to extract and retain digital, cost-effective, and paperless manner through its platform.
The start-up has seen a steady growth of 100 per cent per month since its launch. It has partnered with a few key players in the ecosystem and enabled them to provide remittance on their platforms through RaaS (Remittance-as-a-Service).
In addition, moneyHOP’s HOPApp, a multi-currency bank account, gives users the ability to use a card ( which is a combination of Debit as well as FX cards in India and other countries).
The app also gives customers the ability to exchange money in real-time in the app at zero per cent markup and spend as local anywhere in the world. The app also helps customers send money abroad while on the go.
Mayank Goyal, Founder & CEO of 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.”