Myforexeye raises USD 500,000 in bridge round funding; aims to simplify forex trading for MSMEs

New Delhi, May 30 (KNN) Forex service provider Myforexeye which provides treasury, hedging and risk management solutions has recently raised USD 500,000 in a bridge round funding from InRhythm Energy Ltd, Indian arm of US based InRythm Inc.

The company will use the funds to upgrade its technology and to expand to 50 cities by 2020.

With a target of Rs 1,500 crore in revenue in the next two years, the company said it aims to acquire 2 lakh retail investors and 5,000 B2B players as its clients.

Also, company is looking to make forex trading more democratic by getting on board retail investors with better technology.

“Myforexeye wants to simplify forex trading for SMBs, MSMEs, B2B and B2C businesses”, said Anand Tandon, Founder, Myforexeye Fintech.

He said funding from InRythm Energy Ltd will help Myforexeye to be a one stop shop foreign exchange solution for NRIs, travelers and students.

Because of information gap from intermediaries’ international trade, SMEs, MSMEs and individuals are always at risk which hinders the business growth and profit margins of the companies as well as individuals across geographies, said Hemanth Gullapalli, director, InRhythm Energy, the Indian arm of US-based InRhythm.

“Myforexeye’s solution to this has made us to invest in this unique concept”, he added.