EximPe Raises $3.5M in Funding Led by Leo Capital
Singapore-based RB Investments, Founder Bank Capital, iSeed Ventures, 2 am VC, LetsVenture and BoldCap also participated in the funding round.
Prominent angel investors such as Kunal Shah, founder of Cred; Rajesh Raju, managing director of Kalaari Capital; Aprameya Radhakrishna, co-founder of Koo, and Ankit Nagori, founder of Curefoods, also invested in the round.
The fintech startup said on Monday that it plans to use the funds to acquire talent and further strengthen its product.
Founded by Arjun Abraham Zacharia in June 2021, EximPe works to facilitate cross-border trade by digitizing its workflows and providing financial services in partnership with select Indian banks.
EximPe expects to hit $100 million in annualized POS (Total Payment Volume) fulfillment rate by the end of this year.
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“We… are working with this goal to transform cross-border trade for SMEs (small and medium-sized enterprises), by making cross-border payments digital, regulatory-compliant, fast, cost-effective and transparent,” Zacharia said in a statement. .
MSME (micro, small and medium-sized enterprises) exporters typically face long payment cycles. Export finance or cross-border finance is still at an early stage of development in India.
Banks like Exim Bank and Bank of India offer services and products in the export finance segment. EximPe competes with other players such as Drip Capital, Salt, Wallex, Indo Docs, Mundi and TerraPay.
EximPe is currently operational on the India-China, India-Gulf Cooperation Council and India-ASEAN trade corridors.
It works with several SMEs to increase their export and import volumes by providing them with a technological platform.
“We look forward to being part of EximPe’s journey as it revolutionizes cross-border payments for Indian SMEs, which will inevitably lead to a further increase in import-export volumes,” said Rajul Garg, Founder of Leo Capital.