Global Payments startup Remitr secures seed funding, embarks on rapid expansion
Remitr’s fund raise was widely reported in various media as above
Palo Alto, USA, 2-Oct-2016. Remitware Payments Inc. announced completion of it’s seed round with a fund raise of US$ 1mn. The investor pool is a mix of startup founders and angel investors from across the globe.
Remitware has built cross-border payments platform “Remitr”, which helps individuals & businesses to make international payments & remittances. Remitr is a mobile platform, offering its users personalized, secure and convenient payments on the go. Remitr’s platform routes end-to-end payments using its proprietary payment network which integrates with clearing systems and third party payment networks in various countries.
Remitr was founded in 2015 with the vision to develop a platform for anyone to be able to make payments globally. There are a multitude of processing layers involved in cross-border payments. Each layer adds its own costs, coupled with exhaustive compliance requirements making it expensive and complex. Remitr platform connects all the dots by ensuring delightful customer experience, adherence to regulatory guidelines and mobile convenience coupled with bank grade security. Remitr prides itself in bringing in speed, transparency, simplicity and cost savings for the customer.
“Remitr revolutionizes the way people make payments and send money back home using their mobile phones, bypassing prevalent legacy platforms which are both cumbersome and costly. The seed investment would help us invest further in product development for global markets. We are already live in UAE and on course to launch in Canada by the end of this year”, says Kanchan Kumar, Co-founder and CEO of Remitr.
Remitr has adopted data driven technology to derive deep insights into consumer behavior and leverage these insights to drive cost saving and convenience. The insights are key enablers that provide customers exactly what they need, at a time and place most convenient to them. Most importantly, it brings massive cost savings using tools which were hitherto available only to treasury desks of large corporates.
Remitr was founded by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi with a vision to re-imagine and simplify the complexities in global payments while building a world class platform. Sandeep Jhingran is a career banker with 25+ years of deep experience in global payments from his stint at HDFC Bank and IndusInd Bank before founding Remitr. Sandeep Todi and Kanchan Kumar bring in 25+ plus years of professional & entrepreneurial experience each in Technology, Internet, Digital media, B2B and B2C products.
Remitr chose to work with investors who bring deep understanding of the global payments landscape as well as experiences in building business of massive scale. The seed round investors include Pravin Gandhi founder of Seedfund, UAE’s Smart Start Fund founded by Prashant Gulati & Amit Singhal, Vijay Shekhar Sharma founder of Paytm, Kunal Shah & Sandeep Tandon founders of FreeCharge, Vishal Gondal founder of Goqii, Nasr-eddine 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, Germinators fund and a few other technology entrepreneurs and angel investors based in the US, UK and India.
Vijay Shekhar Sharma, Founder & CEO – 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 has the passion, belief and conviction to accelerate this revolution. I am confident they will truly disrupt this space.”
“Our investment in Remitr reflects our positive outlook on the transformation happening in global financial markets. We have full faith in the Remitr team to execute on that vision.” said P K Gulati, Founder and Managing Partner of Smart Start Fund.
“Remittances are essential part of expatriates’ lives, like mine. Despite being such a large market, it is marred by very high intermediary costs and lacks fresh thinking. Remitr is building an innovative solution for the domain, which not only has a large potential in the Middle East, but rest of the world as well” Said Laurent Nordin, Director McKinsey & Company, Dubai.
“Remitr is building a platform from ground-up to change way international payments and remittances are done. These are early days for innovation in global payments industry and I see Remitr playing a crucial role in shaping it” says Nasr-eddine Benaissa. Nasr is Chief Investment Officer for Mawarid Investments. Prior to that he founded Eastgate Capital in Dubai, one of the largest private equity firms in the Middle East.
In less than 12 months, Remitr has established its presence in two of the major remittance sources, UAE and Canada. In both geographies Remitr has integrated with the local startup ecosystem. Remitr is part of the In5 Innovation Hub at UAE (incubation arm of Dubai Internet City) and works closely with DMZ in Toronto (incubation arm of Ryerson University).
Remitr is in now executing on its expansion plans into the US, UK, Europe, Far East and Australia. “Looking back on our achievements in the past 6 months, we are bullish on executing our growth plans and are looking at using the team’s inherent strength to expand rapidly to newer geographies” Says Kanchan.
Remitware Payments Inc was incorporated in USA. It has subsidiaries in India, Canada and United Arab Emirates.
Remitware’s mobile money transfer app Remitr is available on Android and iOS app stores.
Remitware has chosen India as its engineering and operations hub with teams based at Mumbai and Delhi.
For further information, contact:
Sandeep Todi, Co-founder (email@example.com)