Neobank platform moneyHOP raises $1.25 million in seed funding from UK-based angel investors

Sara September 1, 2021

moneyHOP team

UK-based angel investors and top individuals from the investment banking sector spearheaded the first fundraising round for the neobank platform.

moneyHop, a UK-based firm with an Indian affiliate, has received $1.25 million in a seed round to deliver smooth and cost-effective payments and remittance solutions.

The funding was spearheaded by UK-based financiers and managing directors with experience in the financial services industry from several international investment banks.

MoneyHOP will use the funds to improve its staff at all levels, pursue ambitious growth goals, extend its worldwide footprint, and enter the cross-border MSME payment market. The round included some of the investors from the prior round, which took place in 2020.

moneyHOP is on a mission to give people and companies in India smooth and cost-effective cross-border payments and remittance solutions. It will soon expand to other parts of the world.
HOP Remit, HOP App + Card, and HOPPay solutions cater to the startup’s three main areas of focus: Send, Spend, and Collect.

Its goal is to capture the global ambitions of people and enterprises who travel the world, reside in different nations, and sell to people all over the world. Thousands of foreign students and others have used moneyHOP’s HOPRemit platform to pay tuition fees and maintenance in a digitized, cost-effective, and paperless manner since its launch in 2019. moneyHOP has collaborated with several major companies in the ecosystem to enable them to offer remittance through RaaS on their services (Remittance-as-a-Service). Since its inception, the company claims to have seen constant monthly growth of 100 percent. Furthermore, moneyHOP’s HOPApp, a multi-currency bank account, allows customers to utilize the card — which is a mix of debit cards and foreign exchange cards — both in India and overseas. Customers may use the app to exchange money in real-time for a near-zero percent markup and spend like a local anywhere in the globe. Customers may even transfer funds abroad using the app while on the fly.

“We are thrilled to have foreign investors and notable angels in the industry backing our vision,” stated Mayank Goyal, CEO and Founder of moneyHOP. This investment will help us achieve our goal of providing companies and consumers with a single platform that enables international payments and remittances paperless, cashless, and cost-effective. We are ecstatic to continue working tirelessly to transform cross-border banking for millennials and companies in India and throughout the world.”