Infinity, a neo-banking startup for MPMEs, said Thursday that it had collected $ 1.9 million in a pre-series financing cycle with contributions from institutional investors, including the Y, liquid 2 ventures, Capital Script 2 Ventures, Capital Script and providential investors.
He plans to use the new capital to extend his product and his team, partnerships with service providers and acquire new licenses to regulators, said the company Yourself in an interaction.
The Fintech startup based in Bengaluru, founded by the brothers and sisters Surav and Sidharth Choraria, aims to transform Transfrontal transactions For small and medium -sized Indian enterprises.
The company’s banking and payment platform offers international money transfers which are “70% cheaper than traditional methods”, while allowing businesses to gain inactive cash income by investing in governmental securities , said the founders Yourself.
“The idea of infinity came from our father’s affairs. My father has a small B2B store in Western Bengal, Calcutta. It is important to China articles, uses them for manufacturing, then exports the finished product to markets like the United States, the Middle East and Bangladesh, “said Sidharth.
Sidharth noted that traditional international payments – have often sent Rapid network– are plagued by ineffectiveness.
Surav explained: “Imagine Swift as a series of connection flights for your money. When you receive a payment from an American customer, it does not come directly to your bank. Instead, the Bank Travel Money From your client to Maryland to a bank in Germany, then to one in London, and finally arrives at your bank in India.
For each dollar, from the United States in India, companies can lose up to 3 to 5% of the costs and delays caused by the Multi-Hop Swift Network.
To counter these challenges, Infinity has teamed up with the main fintech players to establish personalized rails that bypass the traditional network. “Instead of tracking the quick road, we allow our customers to receive Direct Rails money from our American payment partner to our Indian banking partner,” said Sidharth.
Surav added: “This means faster regulations and the same day, transparent real -time FX rates and costs which are up to 70% lower than traditional banks invoice.”
The infinity platform is designed for a wide range of companies – SaaS startups manage payments to companies that send supplier payments to their homes. With more than 250 exporters Already on board, the startup also explores additional features, including investment solutions for inactive species.
“We allow our customers to invest inactive money in the funds of the monetary market. Instead of leaving unproductive cash flow, they earn a return which is often better than what they would get from fixed deposits” said Sidharth.
Beyond payments, the infinite lay the basics Wider suite of services Designed to serve all aspects of global trade.
Surav has already set the scale Paytm money At 20 million monthly active users and launched the first secure credit card of India supported by FD.
Sidharth previously worked as an engineer and product manager at Amazon, where he launched the purchasing module in the Amazon AppStore application and scale systems to manage 100 million daily requests during his stay in Paytm and Makemytrip.
“Our long -term objective is for any business in India that wants to globalize – whether it is a supply chain, funding or even logistics – to have a digital platform. We take a step at a time”, Sidharth said.