Neobank moneyHOP Raises $1.25 Mn From International Investors
The funds will help the company to strengthen its team at all levels, pursue aggressive growth targets, venture into the cross-border MSME payment space, and expand its international presence
moneyHOP—a UK-based company with an Indian subsidiary that provides seamless and cost-effective payments and remittance solutions—on Wednesday announced that it raised $1.25 million in a Seed round.
The funding was led by UK-based investors and managing directors from various multi-national investment banks with decades of experience in financial services. Some of the investors from the previous round held in 2020 also participated in the round.
This infusion of funds will help moneyHOP strengthen its team at all levels, pursue aggressive growth targets, venture into the cross-border micro, small and medium enterprise (MSME) payment space, and expand its international presence.
moneyHOP feels how demonetization acted as a catalyst to fuel the exponential growth of domestic digital payments in India, COVID-19 is doing it to the cross-border payments and remittances. An increasing number of people are now opting for contactless international banking services.
“We are pleased to have international investors and prominent angels in the industry backing our vision. This funding will fuel our mission of providing businesses and individuals with a unified platform that makes international payments and remittances paperless, presence-less, and cashless while also being cost-effective. We are excited to relentlessly pursue our aim to revolutionize cross-border banking for millennials and businesses in India and globally,” said Mayank Goyal, founder, and chief executive officer, moneyHOP.
Founded in 2019, moneyHOP’s HOPRemit platform has helped thousands of international students and others remit tuition fees and maintenance in a digital, cost-effective, and paperless manner through its platform. moneyHOP has partnered with several key players in the ecosystem and enabled them to provide remittance on their platforms through Remittance-as-a-Service (RaaS). The company has seen a consistent 100 per cent month-on-month growth since its launch and transacted millions of dollars through its platform.
Furthermore, moneyHOP’s HOPApp is a multi-currency bank account that provides the users the ability to use the card both in India and abroad. It is an amalgamation/combines the functions of a debit and FX card, the company shared.
It aims at capturing the global aspirations of individuals and businesses who move around the world, live in different countries across the world, and sell to consumers worldwide. These customers value convenience, transparency, and instant gratification over anything else. However, moneyHOP feels that the current banking system has not kept pace up with the evolving needs of these consumers and businesses.
moneyHOP is now on a mission to provide seamless and cost-effective cross-border payments and remittance solutions for individuals and businesses in India, to begin with, and soon move into other geographies, globally.