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In an exciting development, HiWi, a global cross-border remittance fintech, headquartered in India, has successfully raised an impressive $870K Crore (₹7.25 Crore) in pre-seed funding. The backing comes from Unicorn India Ventures and the Unmaj Group Family Office, marking a significant milestone for the innovative fintech venture.
Navigating the complex world of cross-border payments and remittances has often been a cumbersome task, characterized by opaque exchange rates, exorbitant forex margins, and bureaucratic documentation challenges. HiWi, led by Dewang Neralla, a seasoned fintech entrepreneur and former Founder and CEO of Atom Technologies, alongside Geeta Chauhan and Ujwal Tamminedi, has emerged as a beacon of simplicity and efficiency in this space.
HiWi's global cross-border fintech platform is tailor-made for international payments and financial transactions. It aims to streamline the process for both individuals and businesses, making cross-border transactions more manageable and accessible. With a comprehensive suite of financial services, it acts as a centralized solution for students studying abroad and their respective agents.
This all-inclusive platform includes a user-friendly mobile application designed to facilitate fund transfers, open foreign bank accounts, provide access to financing options, manage card expenses, and even accumulate loyalty points. HiWi ensures that all these services are delivered in full compliance with regulatory requirements.
Moreover, HiWi is ushering in the power of artificial intelligence (AI) with chatbots powered by AI models like ChatGPT. These AI-driven chatbots enhance customer support, facilitating improved interactions, transaction monitoring, and more.
The ambitious goal of HiWi is to assist over 25,000 students in remitting $100 million by March 2025 and onboard 5,000 educational consultants onto its platform.
Founder of HiWi, Dewang Neralla, noted, "I would like to thank Unicorn India Ventures and Unmaj Group for having confidence in HiWi's vision to make cross-border remittances accessible and convenient for all stakeholders. Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process."
Anil Joshi, Managing Partner at Unicorn India Ventures, shared his insights, saying, "HiWi is combining the power of tech and addressing a much-needed gap of facilitating cross-border payments that are easier and convenient for both the parents and students. 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."
