Mumbai-based cross-border payments platform HiWiPay has raised $2 million in a seed funding round led by Unicorn India Ventures, with participation from Dewang Neralla’s family office, Jupiter Metaverse LLP, and angel investors Ritesh Malik, Mitesh Shah, and Nilesh Doshi.
The fresh capital will be used to expand HiWiPay’s trade remittance business and scale its presence in the education remittance sector, the company said in a press release.
Seamless Cross-Border Payments
Founded in 2022 by Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay provides a digital-first, hassle-free international payment experience, eliminating paperwork and compliance hurdles. The platform addresses key pain points, including non-transparent exchange rates, high forex margins, complex due diligence, and cumbersome documentation requirements.
By offering competitive exchange rates and real-time tracking, HiWiPay aims to simplify global transactions across multiple sectors.
Expanding into the UK and SME Trade Remittances
HiWiPay plans to launch its student-focused app in the UK, positioning itself in key European markets. The company has already partnered with multiple banks and NBFCs to facilitate education loans, making overseas education more accessible.
Additionally, the startup is entering the SME trade remittance space and plans to introduce co-branded forex cards and other financial services tailored for students.
Growth Targets
Over the next 12–18 months, HiWiPay aims to:
- Onboard 5,000 international students onto its student app.
- Reach $100 million in remittance transaction volume.
- Double its network of education consultants to 1,000.
- Support 1,000 SME exporters with trade remittance solutions.
- Strengthen banking partnerships to offer better FX rates and payment efficiency.
Competition and Market Position
In the trade remittance sector, HiWiPay competes with Skydo and BriskPe, while in the education space, it faces competition from Fly Finance. With its strategic expansion plans and a focus on both education and SME remittances, HiWiPay is gearing up to be a major player in the cross-border payments industry.
