[Funding alert] MoneyHOP neobank platform raises $ 1.25 million in fundraising round
moneyHOP, a UK-based company with an Indian subsidiary that provides transparent and cost-effective payment and transfer solutions, has raised $ 1.25 million in a seed round.
The funding was led by UK investors and CEOs of various multinational investment banks with experience in financial services.
This capital injection will help moneyHOP strengthen its team at all levels, pursue ambitious growth targets, venture into the MSME cross-border payments space and expand its international presence. Some of the investors from the previous round held in 2020 also participated in the round.
moneyHOP’s mission is to provide transparent and cost-effective cross-border payment and transfer solutions for individuals and businesses in India. It will soon settle in other parts of the world.
The three main areas of intervention of the startup are – Send, spend and collect – which are supported through the HOP Remit, HOP App + Card and HOPPay solutions.
It aims to capture the global aspirations of individuals and businesses that move around the world, live in different countries and sell to consumers around the world.
Founded in 2019, moneyHOP’s HOPRemit The platform has helped thousands of international students and others pay tuition and maintenance costs digitally, cost effectively and without paper through its platform.
moneyHOP has partnered with several key ecosystem players and enabled them to provide remittances on their platforms via RaaS (Remittance-as-a-Service). The startup claims to have experienced constant monthly growth of 100% since its launch.
In addition, moneyHOP HOPApp, a multi-currency bank account offers users the ability to use the card – a combination of debit and currency cards – in India and abroad. The app offers customers the ability to trade real-time currencies on the app with near zero percent margin and spend like a local anywhere in the world. The app also allows customers to send money overseas while on the go.
Speaking of funding, Mayank Goyal, CEO and Founder, moneyHOP, said,
âWe are delighted to have leading international and industry angel investors supporting our vision. This funding will fuel our mission to provide businesses and individuals with a unified platform that makes international payments and remittances paperless, presence and cashless while being profitable. We are excited to relentlessly pursue our goal of revolutionizing cross-border banking for millennials and businesses in India and around the world.