moneyHOP, a UK-based startup with an Indian affiliate, has secured $1.25 million in a seed round to deliver smooth and cost-effective payments and remittance solutions.
The funding was led by UK-based investors and managing directors with experience in the financial services industry from major global investment banks.
moneyHOP is on a mission to give consumers and businesses in India with easy and cost-effective cross-border payments and remittance solutions. It will soon expand to other parts of the world.
HOP Remit, HOP App + Card, and HOPPay solutions cater to the startup’s three main areas of focus: Send, Spend, and Collect.
Thousands of overseas students and others have used moneyHOP’s HOPRemit platform to remit tuition fees and maintenance in a digital, cost-effective, and paperless manner since its launch in 2019.
moneyHOP has worked with a number of significant participants in the ecosystem to enable them to offer remittance through RaaS on their platforms (Remittance-as-a-Service). Since its inception, the company claims to have had steady monthly growth of 100 percent.
Talking about the funding, Mayank Goyal, CEO and Founder, moneyHOP, said, “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.”