Remitr, a global payments company, has today announced that it has secured $1 million in seed funding from a group of investors. The round witnessed participation from Paytm’s Vijay Sharma, Kunal Shah and Sandeep Tandon of FreeCharge, Vishal Gondal of Goqii, among others.
Other investors who invested in the current round includes Pravin Gandhi, founder of Seedfund; UAE’s Smart Start Fund; Nasreddine Benaissa of Mawarid group; Laurent Nordin of McKinsey & Co; Japan Vyas of Sixth Sense Ventures; Yezdi Lashkari, founder of Flexmoney; Nirmal Bhogilal of Batliboi; Singapore Angel Network; Operator VC; and Germinators fund. Woah! that’s a lot of people!
With the amount of money raised in the current funding round, the company is now looking forward to expand its business internationally. Additionally, it will also spend money on customer acquisition efforts. Kanchan Kumar, CEO of the company, added,
The capital will be used to further build our technology and also on regulation, which is complex.
Remitware Payments, the parent company of Remitr, was founded in 2015 by Kanchan Kumar, Sandeep Todi and Sandeep Jhingran. It is a mobile app platform which helps users make end-to-end payments through a proprietary payment network while being integrated with clearing systems and third party payment networks across different geographies.
The platform allows users to make cross-border international payments within hours(something TruPay is working on with PayPal). Currently, it only allows personal payments from the UAE to other geographies, including India, the Philippines and Sri Lanka. The company is, however, planning to launch its product in Europe this month. Further, it is also planning to launch the same in Canada by the end of this year.
The company claims that the transactions are doubling on a month-on-month basis. In line to this, the payment firm has also launched its services in a new geography almost every month. By the first quarter of 2017, the company is looking to offer business payments as well as bulk payments on the platform.
Talking about his investment, Vijay Shekhar Sharma, Founder and CEO of Paytm, said,
Seamless cross-border payments infrastructure can accelerate global commerce and development. The founding team at Remitr are solving a real world problem and have the passion, belief and conviction to accelerate this revolution. I am confident they will truly disrupt this space.