The Unmaj Group Family Office and Unicorn India Ventures, leading the funding round, have given the neo-banking platform HiWi Rs 7.5 crore.
The fintech company stated that the money will be applied to advancing product development and carrying out a planned go-to-market launch.
“Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process,” said Dewang Neralla, co-founder of HiWi .
HiWi is a neo bank of the next generation primarily concerned with student remittance and other allied services.
“Foreign education is an ever-growing market. At Unicorn, we have studied this segment and made investments both in study abroad and fintech companies,” said Anil Joshi, managing partner, of Unicorn India Ventures. “HiWi is combining the power of tech and addressing a much-needed gap of facilitating cross-border payments that are easier and convenient for both the parents and students.”
For students planning to pursue higher education abroad, HiWi is developing a cross-border fintech solution. This will increase payment efficiency while simultaneously bringing down payment costs.