Cross-Border Platform LeRemitt Raises $1.25 Million in Seed Funding
- ByStartupStory | July 27, 2023
LeRemitt, a pioneering cross-border platform, announced today that it has successfully raised $1.25 million in seed funding led by Axilor Ventures, with participation from Capital A and angel investors Ram Govindarajan and Sumit Agarwal. The platform is designed to empower businesses, particularly MSMEs, by simplifying overseas financial transactions, unlocking new growth opportunities, and facilitating international trade with ease.
The funds raised in this round will be strategically allocated to strengthen LeRemitt’s team, support global expansion initiatives, enhance product capabilities, and forge key strategic partnerships.
Commenting on the recent development, Mahesh Barate, Co-founder of LeRemitt, highlighted the importance of efficient cross-border solutions, stating, “As our world becomes increasingly interconnected, there is a growing demand for seamless and secure cross-border financial services. Traditional remittance methods often burden businesses with high costs, slow processing times, and limited accessibility, especially affecting MSMEs. LeRemitt aims to reinvent cross-border transactions, providing easy, hassle-free, and prompt international remittances to businesses worldwide.”
Sheetal Jain, CEO & Co-founder of LeRemitt, emphasized the company’s vision to create an ecosystem for international trade that includes various stakeholders, technologies, and services. Jain further expressed excitement about the upcoming launch of their first-ever service, cross-border remittance for B2B transactions, which promises to revolutionize how businesses conduct cross-border trades.
Nandan Venkatachalam, Principal at Axilor Ventures, who led the investment, stated, “Indian SMEs are expected to play a significant role in achieving the $1 trillion export target by 2030. A strong cross-border payments layer will be crucial for the SME segment, which traditional banks often underserve. LeRemitt is building a new-age financial stack that will enable SMEs to execute seamless cross-border trades, and we are thrilled to support them on this journey.”
Ankit Kedia, Founder of Capital A, highlighted the importance of digital-driven, fast, and affordable remittance mechanisms to boost India’s global industrial power. Kedia expressed faith in LeRemitt’s vision and commended the founders for addressing the critical needs in the B2B remittance arena.
LeRemitt leverages cutting-edge technology to provide swift and seamless money transfers, ensuring recipients have instant access to their funds. With competitive rates and minimal transaction fees, the platform offers a cost-effective solution for all cross-border remittance requirements. LeRemitt places utmost importance on security, employing advanced encryption and authentication protocols to safeguard customer funds.
Founded by seasoned professionals with extensive expertise in the fintech and BFSI sectors, Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati lead LeRemitt’s mission to facilitate seamless transactions between businesses across borders, empowering MSMEs to expand their global presence and harness the vast potential of international trade.
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