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Simplifying Cross Border Payments with Salt.pe

  • Founded in 2020, Salt.pe was created to address the complexities and delays of international payments faced by Indian businesses.
  • Both founders Ankit Parasher and Udita Pal worked at LetsTransport, managing finance and capital requirements and as a brand manager respectively.
  • Salt.pe offers virtual foreign currency accounts, allowing businesses to receive international payments in multiple currencies easily,

Ankit and Udita found themselves in the same boat traveling abroad to Singapore and Hong Kong respectively. They both experienced firsthand the complexities and delays associated with cross-border payments.

Being frustrated with traditional banking methods, being made to wait "5 business days", especially the challenges one faces during international transactions, fueled the creation of Salt.pe.

The Beginning of Salt.pe

Salt.pe was founded in 2020 by Ankit Parasher and Udita Pal, with a mission to simplify cross-border trade for Indian businesses.

The platform aimed to empower Indian SMBs ( small and medium businesses) and MSMEs (Ministry of Micro, Small & Medium Enterprises) to streamline their banking operation allowing them more efficient transactions globally.

Salt.pe is a "neo-banking" solution that has been designed to address banking pain providing banking, managing necessary documents, and automating workflow for small-size exporters and importers that actively deal with international transactions.

It eliminates all the extra steps one would need to take when making international transactions. Factors like high transaction fees, poor exchange rates, and adherence to paperwork also affect transactions from abroad.

Salt.pe's virtual foreign currency accounts or multi-currency accounts provide local transfer details for international currencies all in one place.

Meaning if a client is required to make a payment in one of the currencies that you have account details for, all they need to do is make the transfer at their local bank!

The fintech platform offers an array of features that include:

  • Allowing businesses to hold accounts in multiple foreign currencies, eliminating the need for complex currency exchange processes.
  • Offering low-cost transactions at competitive rates for international payments, saving businesses money compared to traditional banking methods.
  • Automating paperwork and ensuring that regulations are adhered to, thereby reducing business administrative burdens.
  • The platform seamlessly blends with the existing business workflows to streamline payment processing and improve efficiency.

Salt.pe raised its first funding round in October 2021, receiving $500,000 from angel investors and founders of other Indian start-ups as well.

These funds acquired were used to develop their platform further, build new features, and also expand their engineering team.

Salt.pe's beta version of their inward remittance solution, launched in 2021, and garnered over 100 users!

Salt.pe's How-tos

Opening a Salt.Pe account is a straightforward online process. One will need to provide basic business details, KYC/KYB documents, and set up an account with an email and password.

Who can use Salt.Pe?

Salt.Pe caters to a range of Indian businesses, including registered companies, partnerships, proprietorships, and freelancers.

Is Salt.Pe secure?

Salt.Pe is a Y-Combinator-backed startup with offices in India and the US. They partner with licensed and regulated service providers, and their platform is trusted by numerous Indian businesses.

Simplifying receiving foreign payments:

  • Salt.Pe provides local account details in seven major currencies (USD, GBP, EUR, HKD, AUD, SGD, CAD).
  • Salt.Pe charges a flat 1.75% fee per transaction, which includes the Foreign Inward Remittance Certificate (FIRC). There are no hidden charges or markups on currency exchange, as Salt.Pe uses the mid-market rate provided by Google.
  • Funds are converted to INR and deposited into your Indian bank account within 24 hours.

With Salt.pe removing barriers to entry and operation for international businesses, it facilitates an environment where finance is no longer a bottleneck for growth and expansion.

Business owners can be worry-free and focus on what they do best: running their business


Edited By Annette George

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