Terrafin Solutions Private Limited Analysis: $500K Raised
What is Terrafin Solutions Private Limited?
Cheq is a digital payment wallet designed specifically for foreign tourists and NRIs in India. It allows users to make cashless payments through the UPI platform, facilitating seamless transactions across millions of merchants. This innovative approach transforms the travel experience by eliminating the need for cash and reducing ATM withdrawal fees.
Location
Terrafin Solutions Private Limited, #231, Eden Au Lac, Indiranagar – 560038, India
Employees
11-50
Founded
2021
Revenue
$1.5-1.95M
Business Model
One-time fee for wallet setup; no transaction fees for payments.
Product Features & Capabilities
- Digital UPI wallet for foreign tourists, one-time joining fee of ₹999, scan & pay at 55 million+ merchants, online payments to digital stores, fund addition via international debit/credit cards, proactive call support, 30 days money back guarantee, no monthly subscription, secure transactions with 2FA, available for citizens of G20 nations and NRIs, physical verification required, instant fund addition and withdrawal.
Pricing
- ₹ 999 one-time joining fee for the tourist wallet
- 30 days money-back guarantee
- 0 payment charges at all merchants
- No monthly subscription fees
How much Terrafin Solutions Private Limited raised
Seed - $500K
Aug 23, 2023Lead Investor: Y Combinator
HQ Full Address
Terrafin Solutions Private Limited, #231, Eden Au Lac, Indiranagar – 560038, India
Market Focus
Terrafin Solutions Private Limited primarily focuses on the digital payments industry, specifically providing a UPI wallet service designed for foreign tourists and NRIs in India.
Competitors Overview
The main competitors of Terrafin Solutions Private Limited in the digital payment market for foreign tourists and NRIs in India include:
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UPI One World: This platform is designed specifically for international visitors, allowing them to make seamless digital payments across India. It offers a user-friendly interface and is integrated with various merchants, making it a strong competitor for tourists.
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ICICI Bank iMobile Pay: This app allows NRIs to link their international mobile numbers to their Indian bank accounts, enabling UPI transactions. Its established banking infrastructure provides a sense of security and reliability for users.
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PayPal: While not exclusively a UPI wallet, PayPal offers international money transfer services that can be used by tourists and NRIs. Its global recognition and trust make it a popular choice for digital payments.
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Wise (formerly TransferWise): Wise provides a multi-currency account that allows users to hold and convert currencies at real exchange rates. It is particularly advantageous for NRIs who need to manage multiple currencies.
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Revolut: This digital banking app offers international money transfers and currency exchange, appealing to tech-savvy tourists and NRIs looking for a comprehensive financial solution.
Notable differences and advantages:
- UPI One World is tailored specifically for tourists, providing a seamless experience in India, while others like PayPal and Wise focus on broader international transactions.
- ICICI Bank iMobile Pay leverages the trust of a well-established bank, which may appeal to users concerned about security.
- Wise and Revolut offer competitive currency exchange rates, which can be beneficial for users needing to convert money frequently.
Investors
- Y Combinator
- Venture Highway
- 3one4 Capital
- Angel List
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