HiWiPay revolutionizing international remittances for students raises $2 million in funding

HiWiPay, a next-generation cross-border payments platform revolutionizing international remittances for students, parents, and businesses, has raised $2 million in a seed funding round led by Unicorn India Ventures. 

The round also saw participation from Dewang Neralla's family office and Jupiter Metaverse LLP, along with other well-known angels - Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi.

The startup plans to use the raised capital to expand and enhance the trade remittance business, as well as to scale up operations in the education remittances sector.

What does HiWiPay do?

Founded by Fintech veteran Dewang Neralla along with Geeta Chauhan and Ujwal Tamminedi, HiWiPay is a cross-border payments platform that offers a seamless digital experience, eliminating paperwork hassles and ensuring secure, compliant transactions.

The cross-border payment landscape is afflicted with problems due to a lack of transparency in exchange rates, perceived high forex margins, due diligence, compliance requirements and documentation challenges.

The startup said it aims 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.

"Securing this funding is a significant milestone for HiWiPay as we continue our mission to revolutionize 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," said Neralla.

Partnership with banks and NBFCs

In the last 12 months, the startup's education portal for study abroad consultants has seen significant transaction activity, with over 500 consultants onboarded and actively facilitating student remittances. It is also introducing HiWiPay student app in the UK with an aim to build their presence in key hubs across Europe.

HiWiPay has partnered with multiple banks and NBFCs to help individuals secure education loans, making studying abroad more accessible and achievable.

Notably, the startup plans to enter the SME trade remittance space, expanding beyond student payments and is slated to launch co-branded forex cards and other financial services to cater to students.

Planning to onboard 5,000 international students

In the next 12 to 18 months, HiWiPay plans to onboard 5,000 international students on the HiWiPay Student App. The startup expects its transaction volume to $100 million in remittances and double the network of education consultants to 1,000.

It also plans to support 1,000 SME exporters with trade remittance solutions and strengthen banking partnerships to improve FX rates and payment efficiency.

"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," said Anil Joshi, Managing Partner of Unicorn India Ventures.