HiWiPay provides a cross-border payment solution enabling exporters and freelancers to receive international payments in local currency within 24 hours. The platform offers better forex rates and lower fees compared to traditional banking channels. It also streamlines compliance by automatically generating necessary documentation like e-BRC and e-FIRA.
Funding
$870K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Students studying abroad face challenges with high transaction fees, tedious paperwork, and slow transfer times when sending or receiving money for tuition and living expenses. Traditional remittance processes often involve repetitive KYC procedures and physical documentation, adding complexity and delays.
Solution
HiWiPay is a cross-border remittance platform that streamlines international money transfers for students through partnerships with RBI-authorized entities and SWIFT API integration. The platform simplifies the KYC process, requiring users to complete it only once, and digitizes the A2 form submission. HiWiPay facilitates secure, paperless transactions, enabling students to send and receive funds typically within 24 to 48 hours. By eliminating transaction fees and automating documentation, HiWiPay reduces the costs and complexities associated with international payments, providing a more efficient and transparent remittance experience.
Target Audience
The primary target audience includes students studying abroad and their parents who need a secure, cost-effective, and efficient way to send and receive money for education and living expenses.
Features
- Digital KYC process, eliminating repetitive documentation for each transaction
- Online A2 form submission, removing the need for physical paperwork
- Integration with RBI-authorized partners and SWIFT APIs for secure transfers
- Real-time currency conversion rates with transparent fee structures
- Mobile application for initiating and tracking transfers from anywhere
- Education loan options through partnered financial institutions
- Funds transfer within 24-48 hours
- Integration with multiple loan providers, offering a range of education loan products