Fxkart.com to touch transaction of $2.5 million in May

Fxkart.com, an online aggregator of authorised foreign exchange dealers, on Tuesday said expects to touch a total transaction volume of $2.5 million for the current month.

"Our total transaction volume is expected to touch $2.5 million for the current month only," said company's business development head (North and East) Dhruba Khatua.

The foreign exchange portal, with 200 dealers listed at present having over 1,300 service locations pan India, receives 1,500-2,000 transactions a month with an average transaction size of $1,000, he said at the launch of its service in the city.

The fin-tech (financial technology) company is expected to raise $5 million in Series A funding by end of the current quarter, he said.

The company had received $2 million seed funding from founder Mushtaq Shah and strategic advisor Faraz Naqvi in March last year.

The Dubai based start-up operating only in India allows consumers to compare what forex dealers are offering across the city.

"In our portal or in our app, users can enter their city and the locality from where they want to collect the foreign exchange. They would then get the list of RBI licensed money changers in and around their locality along with the rates," said Khatua, adding that customers can then select the best offer..

The aggregator earns a share from the dealers' margin for providing businesses to them.

--IANS

bdc/vd