MoneyHOP, a UK-based startup with an Indian affiliate, today said it has raised $1.25 million in a seed funding round to deliver smooth and cost-effective payments and remittance solutions.
The round was led by UK-based investors and Managing Directors from several multi-national investment banks with decades of financial services experience.
MoneyHOP will use the funding to develop its staff at all levels, pursue ambitious growth goals, extend its international footprint, and enter the cross-border MSME payment area. The financing included some of the investors from the prior round, which took place in 2020, according to the company.
The startup aims to give individuals and businesses in India easy and cost-effective cross-border payments and remittance solutions, with plans to expand to other geographies globally. HOP Remit, HOP App + Card, and HOPPay solutions cater to moneyHOP’s three major areas of focus: Send, Spend, and Collect.
Its goal is to capture the global aspirations of individuals and enterprises who travel the world, reside in different countries, and sell to customers all over the world. These clients are more concerned with convenience, transparency, and immediate pleasure than with anything else. MoneyHOP, on the other hand, believes that the current banking system has not kept up with the changing needs of these individuals and enterprises.
Founded in 2019, moneyHOP has seen a consistent 100 percent month-on-month growth since its launch and transacted millions of dollars through its platform, as claimed.
Mayank Goyal, moneyHOP CEO & Founder, said, “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.”
Furthermore, MoneyHOP’s HOPApp, a multi-currency bank account, allows customers to utilize the card — which is a combination of debit and foreign exchange cards — both in India and overseas. Customers may use the app to exchange currencies in real-time for a near-zero percent markup and spend like a local anywhere in the world. Customers can even send money abroad using the app while on the fly.