Payments firm Remitr raises $1 million

Our Bureau Mumbai | Updated on January 16, 2018 Published on October 03, 2016

Investors include Paytm, FreeCharge, GOQii founders

Global payments company Remitware Payments Inc (Remitr) has raised around $1 million from a clutch of well-known global start-up founders and angel investors including Paytm founder Vijay Shekhar Sharma, FreeCharge’s Kunal Shah and Sandeep Tandon, GOQii founder Vishal Gondal, and Seedfund founder Pravin Gandhi.

Other investors who participated in the round are Prashant Gulati and Amit Singhal, founders of the UAE’s Smart Start Fund; Nasreddine Benaissa of Mawarid group; Laurent Nordin of McKinsey & Co; Japan Vyas of Sixth Sense Ventures; Yezdi Lashkari, founder, 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, the UK and India

Founded in 2015 by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi, 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.

Cross-border payments

There are a multitude of processing layers involved in cross-border payments, and each layer adds its own costs, coupled with exhaustive compliance requirements, making it expensive and complex. Remitr helps connects all the dots by ensuring customer experience, adherence to regulatory guidelines and mobile convenience coupled with bank-grade security, said Kumar, co-founder and CEO, Remitr, in a press statement.

The company has established its presence in two of the major remittance sources, the UAE and Canada. In both geographies, Remitr has integrated with the local start-up ecosystem. Remitr is part of the In5 Innovation Hub in the UAE (incubation arm of Dubai Internet City) and works closely with DMZ in Toronto (incubation arm of Ryerson University).

The firm is in now executing on its expansion plans into the US, the UK, Europe, Far East and Australia.

Published on October 03, 2016

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