India-based MoneyHOP said to close seed round

MoneyHOP, a global banking platform aimed at Indian millennials, has reportedly nabbed $1.25m in its seed round.

The equity injection was led by unnamed UK-based investors and managing directors from multinational banks, according to a report from mint.

This capital has been earmarked to support a hiring push, enter the cross-border micro, small and medium-sized enterprise payments space, and accelerate its international expansion.

MoneyHOP claims it is on a mission to help individuals and businesses in India have better access to cross-border and remittance services.

MoneyHOP CEO and founder Mayank Goyal told mint, “This funding will fuel our mission of providing businesses and individuals with a unified platform that makes international payments and remittances paperless, presence-less, and cashless while also being cost-effective.

“We are excited to relentlessly pursue our aim to revolutionize cross-border banking for millennials and businesses in India and globally.”

The FinTech company was founded in 2019 and provides consumers with a cross-border digital banking app to save, borrow, invest and spend money. Its accounts boast no fees, up to 6% interest, spending rewards, expense management, complete transactions in any currency and card controls via the app.

Earlier in the week, global consumer internet group Prosus agreed to acquire Indian digital payment gateway BillDesk in a $4.7bn deal.

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