Cross-border Fintech Platform HiWi Secures Rs 7.25 Cr Funding to Advance Product Development
Global cross-border remittance fintech HiWi has made headlines by securing Rs 7.25 crore in a pre-seed funding round, with Unicorn India Ventures and the Unmaj Group Family Office leading the investment.
As per the startup, the freshly raised funds will be used for advancing product development and executing a strategic go-to-market rollout.
HiWi | Cross-border Remittance Fintech Platform
Founded by Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWi is a Mumbai-based cross-border remittance fintech platform focusing on student remittance and allied services. The startup offers a wide range of services for students and businesses, especially in the context of cross-border remittances.
Speaking about the development, Dewang Neralla, Founder of HiWi, expressed his gratitude and thanked Unicorn India Ventures and Unmaj Group for having confidence in HiWi’s vision of making cross-border remittances accessible and convenient for all stakeholders.
Neralla added,
“Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process.”
Serving as a centralized and integrated solution for both study abroad agents and students, the Mumbai-based platform offers a comprehensive suite of financial services.
Its offerings include a mobile application for students to transfer funds, open foreign bank accounts, and access financing options. The app also enables users to manage card expenditures and accrue loyalty points while ensuring compliance with regulatory requirements.
Statement from the Investor
Commenting on the development, Anil Joshi, Managing Partner, Unicorn India Ventures, stated that their firm has studied the foreign education segment, which is an ever-growing market, and made investments both in study abroad and fintech companies.
Talking about HiWi, Joshi highlighted that the Mumbai-based platform combines the power of tech to address a much-needed gap in facilitating cross-border payments and making them easier and more convenient for both parents and students.
Joshi added,
“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.”
HiWi is operating with a mission to streamline cross-border remittance processes across various sectors, including study abroad, trade & finance for SMEs, and industries engaged with intricate procedures. Aiming to assist around 25,000 students in remitting $100 million by March 2025, HiWi also plans to onboard 5,000 educational consultants onto its platform.
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