Indian remittances platform HiWiPay raises $2m in seed round

By Gloria Methri

HiWiPay, a next-generation cross-border payments platform simplifying international remittances for students, parents, and businesses has raised $2 million in a seed round led by Unicorn India Ventures. The round also saw participation from Dewang Neralla’s family office and Jupiter Metaverse LLP along with well known angels – Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi. Funds raised will be used to expand and enhance the trade remittance business, as well as to scale up operations in the education remittances sector.

Founded in 2022, HiWiPay offers a seamless digital payment experience, eliminating paperwork hassles and ensuring secure, compliant transactions.

The cross-border payment landscape is afflicted with problems due to lack of transparency in exchange rates, perceived high forex margins, due diligence, compliance requirements and documentation challenges. HiWiPay’s mission is to streamline these processes across various sectors and industries confronted with intricate procedures. The platform provides competitive exchange rates and real-time tracking, making global payments effortless.

Dewang Neralla, Co-founder HiWiPay, “Securing this funding is a significant milestone for HiWiPay as we continue our mission to revolutionise cross-border payments. This investment fuels our commitment to innovation, enabling us to enhance our platform, expand our reach, and deliver a frictionless experience for students and businesses globally. We are grateful for the trust our investors have placed in us and look forward to driving the next phase of growth.”

In the last 12 months, the company’s education portal for study abroad consultants has seen significant transaction activity, with over 500 consultants onboarded and actively facilitating student remittances.

The company is also introducing the HiWiPay student app in the UK to build its presence in key hubs across Europe. It has partnered with multiple banks and NBFCs to help individuals secure education loans, making studying abroad more accessible and achievable.

HiWiPay plans to enter the SME trade remittance space and expand beyond student payments. It is slated to launch co-branded forex cards and other financial services for students.

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures said, “We have witnessed significant growth and believe HiWiPay’s highly innovative business model is ripe for disruption because of changing customer demands, emerging market growth, and financial inclusion. HiWiPay has been working tirelessly in that direction to meet the growing demand and the funding will help the company scale its services to a more advanced stage.”

The company has also developed a portal that enables exporters to collect payments seamlessly with all necessary documentation in place. Over time, the company plans to build a similar portal for importers to facilitate smooth payment transactions.

HiWiPay’s goal is to become a global payment orchestrator, empowering SME exporters and importers to carry out remittance services efficiently. In the next 12–18 months, HiWiPay plans to onboard 5,000 international students on the HiWiPay Student App. The company expects its transaction volume to reach $100 million in remittances and double the network of education consultants to 1,000. HiWiPay also plans to support 1,000 SME exporters with trade remittance solutions and strengthen banking partnerships to improve FX rates and payment efficiency.