LeRemitt, newly raised funds will be directed towards several key areas, including assembling a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships.
LeRemitt, a cross border platform that streamlines financial transactions, today announced that it has raised $1.25mn in seed funding led by Axilor Ventures. Capital A has co-invested in this round which also saw participation from angel investors such as Ram Govindarajan (Founder -Wizfreight) and Sumit Agarwal (Founder- Vyapar). LeRemitt empowers businesses, especially MSMEs, by streamlining overseas financial transactions, unlocking new growth opportunities, expanding global reach, and navigating the complexities of international trade.
The newly raised funds will be directed towards several key areas, including assembling a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships.
Commenting on the development Mahesh Barate, Co-founder, LeRemitt, “The global trade market, valued at USD 32 trillion, offers abundant opportunities for growth and innovation. As our world becomes more interconnected, there is a growing demand for efficient and secure cross-border solutions. Traditional remittance methods are burdened with high costs, slow processing times, and limited accessibility, creating significant challenges. These obstacles particularly impact MSMEs, which often lack the resources to navigate complex financial systems, leading to time-consuming operational hurdles on a day-to-day basis. LeRemitt aims to reinvent cross-border business transactions, ensuring easy, hassle-free, and prompt international remittances.”
Speaking on the fundraise, Sheetal Jain, CEO & Co-founder, LeRemitt said, “This marks the first crucial step in LeRemitt‘s journey, as we embark on our vision to create an ecosystem for international trade, encompassing various stakeholders, technologies, and services. With a goal to ensure smooth and efficient flow of goods and services,we prepare to unveil our first-ever service, cross-border remittance for B2B transactions, and we are confident that exciting times lie ahead. With Hari Ambati, our Co-founder & CTO, at the helm of our technology initiatives, we are crafting a seamless, state-of-the-art, and secure platform that will revolutionize how B2B transactions are conducted across borders.”
Nandan Venkatachalam, Principal at Axilor Ventures, who led this investment, commented “Indian SMEs are expected to contribute to over 60% of the $1 Trillion export target by 2030. This will lead to a strong need for a cross-border payments layer for the SME segment, which banks typically underserve. LeRemitt is building a new-age financial stack that will enable SMEs execute seamless cross-border trades and we are excited to be backing them.”
“The international remittance market is currently dominated by traditional banks and institutions that rely on legacy processes that are slow and costly, especially for MSMEs. The need of the hour is to build digitally driven, fast, accurate, compliant, and user-friendly remittance mechanisms that can ensure swift funds transfer at costs that encourage startups and the MSME sector players to expand their coverage overseas. This is also crucial from the perspective of making India a global industrial power as quick and affordable remittances will boost exports and the overall manufacturing sector in India. LeRemitt is a great platform, and the founders know exactly what needs to be reformed in the B2B remittances arena in India. We have complete faith in the vision of the founders and support them in their journey toward creating great impact in the segment in the years ahead.” added Ankit Kedia, Founder, Capital A.
LeRemitt leverages groundbreaking technology to enable swift and seamless money transfers, ensuring recipients have instant access to their funds. Its platform offers competitive rates and minimal transaction fees, making it a highly cost-effective option for all cross-border remittance requirements. LeRemitt employs advanced encryption and authentication protocols to ensure the utmost security, safeguarding customer funds.
The company was founded by accomplished professionals with vast expertise in the fintech and BFSI (Banking, Financial Services, and Insurance) sectors. Among the visionary founders are Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati, each bringing a wealth of knowledge and experience to the forefront of the company’s operations.
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