HiWiPay, a next-generation cross-border payments platform, has raised $2 million in a seed funding round led by Unicorn India Ventures. Additional investors include Dewang Neralla’s family office, Jupiter Metaverse LLP, and angel investors such as Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi. The funds will be used to expand HiWiPay’s trade remittance business and scale its operations in the education remittance sector.
Founded by fintech veterans Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay simplifies international payments for students, parents, and businesses. The startup addresses common issues in cross-border transactions, such as transparency in exchange rates, high forex margins, compliance complexities, and documentation challenges.
With over 500 education consultants onboarded, HiWiPay is making significant strides in the study-abroad payments sector. The company plans to expand into SME trade remittances, launch co-branded forex cards, and strengthen banking partnerships. Over the next 12 to 18 months, HiWiPay aims to onboard 5,000 international students, support 1,000 SME exporters, and process $100 million in remittances.
1. HiWiPay’s Working Model
1.1 HiWiPay is a digital cross-border payments platform that facilitates seamless international remittances. It eliminates paperwork and ensures secure, compliant transactions. The platform caters primarily to students and SMEs, offering competitive exchange rates and real-time tracking.
1.2 The company integrates with banks, NBFCs, and financial institutions, allowing users to make payments efficiently while complying with regulatory requirements. It also provides a student-focused remittance solution that simplifies tuition payments for study-abroad aspirants.
2. Revenue Model
2.1 HiWiPay generates revenue through transaction fees, forex margins, and value-added financial services. The company charges a small commission on every remittance while ensuring competitive exchange rates.
2.2 Additional revenue streams include co-branded forex cards, loan facilitation fees from partnered banks, and potential subscription-based premium services.
3. Funding Background and Growth
3.1 The $2 million seed funding round led by Unicorn India Ventures highlights investor confidence in HiWiPay’s business model. Other investors include Dewang Neralla’s family office, Jupiter Metaverse LLP, and prominent angels like Dr. Ritesh Malik.
3.2 The funding will be utilized to enhance the trade remittance segment, expand the student remittance services, and introduce new financial products, including forex cards and SME payment solutions.
4. Founders and Their Background
4.1 Dewang Neralla, a fintech veteran, previously co-founded Atom Technologies, which played a pivotal role in India’s digital payments evolution.
4.2 Geeta Chauhan brings vast experience in digital payments, while Ujwal Tamminedi specializes in regulatory compliance and financial technology.
5. HiWiPay’s Services and Products
5.1 HiWiPay’s primary offerings include international student remittances, SME trade payments, and forex solutions.
5.2 The HiWiPay Student App allows students to make secure, real-time tuition fee payments with reduced forex margins.
5.3 The company is introducing co-branded forex cards, easing student expenses abroad while providing competitive exchange rates.
5.4 HiWiPay also offers trade remittance services to SMEs, ensuring seamless international payments with compliance support.
6. Industry Insights and Trends
6.1 The global remittance market is witnessing rapid digital transformation, with increased demand for seamless cross-border payments.
6.2 India remains one of the largest recipients of remittances, making fintech-driven solutions like HiWiPay crucial.
6.3 Education remittances have grown significantly, with more students opting for international studies. HiWiPay is well-positioned to capture this market share.
7. Future Roadmap
7.1 HiWiPay aims to onboard 5,000 international students and process $100 million in remittances within 18 months.
7.2 The company plans to expand its network of education consultants to 1,000 and support 1,000 SME exporters with trade remittance solutions.
7.3 HiWiPay is actively strengthening banking partnerships to provide better forex rates and increase payment efficiency.
8. Learning for Startups and Entrepreneurs
8.1 Identifying a market gap, such as inefficiencies in cross-border payments, can lead to high-growth opportunities.
8.2 Building trust through compliance, transparency, and security is crucial in the fintech space.
8.3 Partnerships with financial institutions can accelerate expansion and improve service offerings.
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