Mumbai-based cross-border payments platform HiWiPay has secured $2 million in a seed funding round led by Unicorn India Ventures.
The round also saw participation from Dewang Neralla’s family office, Jupiter Metaverse LLP, and angel investors including Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi.
The newly raised funds will be utilized to expand HiWiPay’s trade remittance services and scale operations in the education remittance sector.
Founded in 2022 by fintech veterans Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay aims to simplify international remittances for students, parents, and businesses by offering a seamless digital experience that eliminates paperwork and ensures secure, compliant transactions.
The platform addresses challenges such as lack of transparency in exchange rates, high forex margins, and complex compliance requirements.
In the past year, the company’s education portal has onboarded over 500 consultants, facilitating student remittances.
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The startup plans to launch a student app in the UK to establish a presence in key European markets and has partnered with multiple banks and NBFCs to assist individuals in securing education loans.
Looking ahead, HiWiPay intends to enter the SME trade remittance space and introduce co-branded forex cards along with other financial services tailored for students.
The company aims to onboard 5,000 international students to its platform within the next 12 to 18 months, targeting a transaction volume of $100 million in remittances.
Additionally, HiWiPay plans to double its network of education consultants to 1,000 and support 1,000 SME exporters with trade remittance solutions.
