Myforexeye forays into B'luru market

Forex company Myforexeye on Tuesday announced its foray into the Bengaluru market with the launch of its branch to offer foreign exchange services.

With this branch, the company has expanded its existing network to six cities across the country. Myforexeye is also on the mobile with all its services amalgamated into a single application.

The company is eyeing for 500% top line growth in revenue by FY19 with a target of Rs 1,000 crore in the next two years. It aims to spread its operations to 50 cities with 2 lakh B2C and 5,000 B2B customer base by 2020, and plans to open 105 stores in 65 cities by 2021.

AnandTandon, Founder, Myforexeye Fintech Pvt Ltd said, “The Bengaluru branch will be able to enhance user experience and ensure seamless transactions for exporters, importers, individuals (B2C) like NRIs, travelers and overseas students."

Myforexeye is a full-fledged money changer licensed by the RBI. Users can buy/sell foreign exchange, buy multi currency prepaid forex cards that are available in 16 currencies and transfer money online through Myforexeye portal.

The company has been working towards simplifying forex. In the last few months, it has serviced 500 clients, processing 5,000 transactions worth $450 million resulting in a saving of more than Rs 4 crore to its B2B and HNI clients.

The industry potential is huge with 1 million Small and Medium Enterprises and 20 million individual customers using banking services to transact in foreign exchange market.