LeRemitt a cross-border remittance platform for MSME’s – Sheetal Jain’s Insights

CXOToday has engaged in an exclusive interview with Sheetal Jain, CEO of LeRemitt.

Please take us through LeRemitt’s journey as a company 

LeRemitt is a cross border platform to empower businesses, particularly MSMEs, to expand their global footprint, access new markets, and unlock the full potential of international trade. Their vision is to build an ecosystem for international trade that creates a comprehensive and interconnected network that facilitates seamless transactions between businesses across borders. It encompasses various stakeholders, technologies, and services to ensure a smooth and efficient flow of goods and services globally. LeRemitt began as a seed-funded startup, since June 2023, with a clear vision to introduce its inaugural service, cross-border remittance for B2B transactions. This marks the first crucial step in the company’s journey towards building a comprehensive ecosystem aimed at facilitating international trade. By focusing on cross-border remittances, LeRemitt aims to provide businesses with a seamless and efficient solution for transferring funds across borders, laying the foundation for a broader range of services designed to empower businesses engaged in global trade.

LeRemitt has been founded by a team of seasoned professionals with extensive experience in the fintech and BFSI (Banking, Financial Services, and Insurance) industries. The founders, Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati, bring a wealth of knowledge and expertise to the company. With their deep understanding of the industry landscape and a shared vision for revolutionizing international trade, the founders are well-equipped to lead LeRemitt towards its mission of empowering businesses in the global marketplace.

Can you spell out your vision for the company?

We have a multi-pronged vision which includes: (a) Consumerisation of B2B remittances by providing fast, easy and efficient processes and integrated solutions for B2B payments; (b) Bank-grade due diligence systems with a platform algorithm to ensure regulatory compliance; (d) Fostering strong partnerships with ecosystem players for integrated offerings and revenue growth opportunities; and (e) Export financing options for the approved customers through partners.

What were some of the challenges faced by LeRemitt?

Since we were integrating with multiple partners both overseas and India- the processes and stabilisations took their own time. Then for any company to succeed, its important to have a team that believes in the founder’s vision and are multitaskers. Setting up such teams require patience, trial and error. We went through it all. Last, market validation is extremely important. The first customer testimonial was extremely important for us

What are some of your key expansion plans for 2024?

LeRemitt has exciting plans for 2024, including expansion of our product offerings and entering new markets. As part of expansion of our offerings, we are looking at introducing new features to make cross-border transactions even faster and more efficient for MSMEs. In terms of new markets, we see immense potential in new geographies and we are actively exploring expansion opportunities.

Can you take us through the evolution of cross-border payments sector and India’s position?

The sector has undergone a significant transformation in recent years. The emergence of new technologies has led to faster, more secure and cost-effective transactions. New regulations are also promoting transparency, customer centricity and consumer protection. In fact, RBI’s circular on PACB licenses for non banking entities engaged in cross border space is a case in point.

Global trade is $32 trillion today of which India merchandize and service trade contributes more than $1 trillion. MSMEs contribute approx 48% of the $450 bn merchandize exports market

According to reports, the global cross-border payments industry generated $181.9 billion in 2022 and is anticipated to generate $356.5 billion by 2032, witnessing a CAGR of 7.3% from 2023-32. Fintech companies like LeRemitt have leveraged technology to address critical gaps in cross-border payments left by traditional models.