Fintech startup Myforexeye, a full service Forex Company has raised pre-Series A funding of US$220,000. This round saw participation from prominent investors like Rahul Dev Kumar, a senior banker from Singapore, Rajesh Mahajan, an eminent infrastructure expert with more than two decades of experience in power and energy trading, Ankit Sharma, Managing Director, KCS Group of Companies along with other renowned names from banking and international trade.
The funds would be utilized for technology development and marketing to scale up the business in India and abroad. Myforexeye is looking at expanding its operations across India and other countries in the next five years. It plans to open 105 stores in 65 cities by 2021.
It is working on developing technology solutions to bring in more transparency, enhance user experience and ensure seamless transactions for Indian exporters, importers, individuals (B2C) like non-resident Indians and travelers.
Sharing his thought Anand Tandon, Founder, Myforexeye Fintech, 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.”
Tandon – an ex-banker and an internet enthusiast.
“We are confident that the investment from likeminded investors will support us in creating new technology avenues and marketing platforms to reach out to our clients in an efficient manner. Myforexeye aspires to be the leading one-stop shop foreign exchange solution provider across the globe. The company’s strength lies in its unconventional approach towards problem solving so as to offer unmatched efficiency and effectiveness,” he added.
Speaking on the investment, Rahul Dev Kumar, Singapore-based Senior Transaction Banking and Working Capital professional said, “The industry potential for this unique concept is huge as a better profit margin of businesses dealing with international trade, SMEs, MSMEs and individuals is always at risk due to information arbitrage from intermediaries. As India’s first full service Forex Company, Myforexeye has addressed this major issue by curating services which have never been experienced or exercised in the Indian market. Having invested in this high-potential concept, we will now be supporting this innovative platform aimed completely at increasing profitability of a business in India and abroad.”
In the last 30 months, Myforexeye claims to have serviced 1,000+ clients, processing 50,000+ transactions worth $2.1 billion.