Myforexeye, India’s first full service Forex Company has raised pre-Series A funding of $220k from a clutch of individual investors. The investment has been made by HNI’s and senior bankers from India and overseas.
The investment round saw participation from Rahul Dev Kumar, Executive Director – Transaction Banking at Standard Chartered Singapore; Ankit Sharma, MD at KCS Group of Companies; and Rajesh Mahajan, Head – Power Trading of Knowledge Infrastructure Systems.
The startup is looking to use the newly-raised funding to expand operations across India and overseas in the next five years. A portion of the investment will also go into technology development and marketing, aimed at enhancing transparency of transactions and quality of user experience.
Sharing his thought Anand Tandon, Founder, Myforexeye Fintech Pvt. Ltd. said, “We established Myforexeye with the prime mission of simplifying Forex for SMBs, MSMEs, B2B and B2C businesses. We have put our energy and experience in building this unique concept and have been getting exciting response from the industry. We see a lot of potential for growth in this sector and hence we decided to take on the investment to support our expansion plans.”
At the moment, the company’s portfolio of services includes RateAudit, RateCheck, Transaction Process Outsourcing (TPO), money changing, Trade Finance Intermediation and related advisory services.
MyForexEye also serves as an RBI-licensed money changer for clients in Delhi-NCR region. Users can buy or sell foreign exchange online through the Myforexeye portal. The startup is looking to launch the service in 65 cities in India by 2021.
Myforexeye is looking forward to bringing to the world a gamut of services of global markets in partnership with its esteemed clients and global alliances. The innovative brand is working to tap the huge potential in the SME and B2C segments.
Source: Inc 42
