JOIN USOnline FinTech startup for buying and selling foreign currency Fxkart.com, which has its R&D centre in Bengaluru, will soon launch tech-based products that will revolutionise the customer experience in forex transactions.
Fxkart.com, which received seed funding of $2 million in March 2015, helps in improving the customer experience of carrying out his/her forex transactions.
“Money changers list their prices on one single platform. Right now, we have over 150 money changers and are covering 1,300 locations in 99 cities. We provide the consumer instant discovery of the best exchange rates by comparing rates across foreign exchange dealers.
One can just log on and look for not just cheapest, but the nearest money changers and those who can deliver too,” Fxkart.com CEO Abdul Hadi Shaikh said, adding to the consumer this can be a huge relief from the current non-transparent and huge hidden margin rates being quoted by money changers.
Talking about the forex market, he said the market is big enough. “Close to 22 million people visited abroad last year. In 2014, more than 7.6 million people visited India from abroad. There is a huge market out there,” he said.
Fxkart.com invests more in technology. “We will keep on investing more in technology and everything is done in back-end with very minimal human intervention. We will keep updating our website and come up with more features,” he said.
On money changers, he said there are over 2,000 authorised money changers in India. “For mom and pop stores, Fxkart.com is a huge opportunity to compete with well established one,” he said. Fxkart.com aims to touch 1,000 transactions a day by the end of 2017.