LeRemitt™, an innovative cross-border platform streamlining financial transactions, has successfully secured $1.25 million in seed funding, led by Axilor Ventures, with co-investment from Capital A. The funding round also saw participation from notable angel investors, including Ram Govindarajan (Founder of Wizfreight) and Sumit Agarwal (Founder of Vyapar). LeRemittTM is dedicated to empowering businesses, especially MSMEs (Micro, Small, and Medium Enterprises), by simplifying overseas financial transactions, unlocking new growth opportunities, expanding global reach, and navigating the complexities of international trade.
The newly raised capital will be strategically deployed in various key areas, including assembling a talented and robust team, fueling global expansion efforts, enhancing product capabilities, and fostering strategic partnerships.
Speaking about the company’s vision, Mahesh Barate, Co-founder of LeRemitt™, highlighted, “The global trade market, valued at a staggering USD 32 trillion, presents a wealth of opportunities for growth and innovation. As our world becomes increasingly interconnected, there is a rising demand for efficient and secure cross-border solutions. Traditional remittance methods often come with high costs, slow processing times, and limited accessibility, leading to significant challenges. These challenges disproportionately impact MSMEs, which often lack the resources to navigate complex financial systems, resulting in time-consuming operational hurdles on a daily basis. LeRemittTM endeavors to revolutionize cross-border business transactions, ensuring seamless, hassle-free, and prompt international remittances.”
Sheetal Jain, CEO & Co-founder of LeRemitt™, expressed enthusiasm about the fundraise, stating, “This marks the pivotal first step in LeRemittTM’s journey as we embark on our vision to create a comprehensive ecosystem for international trade, encompassing various stakeholders, cutting-edge technologies, and an array of services. With the launch of our first-ever service, cross-border remittance for B2B transactions, we are excited about the promising times ahead. Under the leadership of our Co-founder & CTO, Hari Ambati, we are developing a seamless, state-of-the-art, and secure platform that will revolutionize how B2B transactions are conducted across borders.”
LeRemittTM leverages groundbreaking technology to enable swift and seamless money transfers, ensuring recipients have instant access to their funds. The platform offers competitive rates and minimal transaction fees, making it a highly cost-effective option for all cross-border remittance requirements. In addition, LeRemittTM prioritizes security, employing advanced encryption and authentication protocols to safeguard customer funds.
The company was founded by accomplished professionals with extensive expertise in the fintech and BFSI (Banking, Financial Services, and Insurance) sectors. The visionary founders, Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati, each bring a wealth of knowledge and experience to the forefront of the company’s operations, setting the stage for LeRemittTM’s transformational journey in the cross-border financial landscape.