LeRemitt receives $1.25 million in a seed funding round backed by Axilor Ventures. Angel investors, including Ram Govindarajan, the creator of Wiz Freight, and Sumit Agarwal, the creator of Vyapar, joined the round along with venture capital firm Capital A.
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The funds will go towards product development, global expansion, hiring, and investigating potential strategic alliances, as reported by Inc42.com
Commenting on the fundraise, cofounder Barate said, “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.”
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LeRemitt wants to make international money transfers simple so that receivers can get their money right away. The company asserts that it uses cutting-edge authentication and encryption technologies to guarantee security and protect customer payments.
Ankit Kedia of Capital A said, “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.”
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About LeRemitt
LeRemitt, a company that assists businesses, particularly MSMEs, in streamlining international transactions, was established in 2022 by Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati.
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