Total amount raised
$1 Million
Latest funding date
03/01/2022
Location
Salt has successfully raised funding through four rounds, with notable investors including Y Combinator. The platform specializes in simplifying international payments and compliance for businesses, supporting transactions in 13 different currencies.
Keep reading to explore the intricacies of Salt's fundraising journey and the investors backing this innovative platform.
What Is Salt?
Salt, founded in 2020 by Ankit Parashar and Udita Pal, is a fintech company specializing in international payments and compliance solutions. The company is headquartered in Bengaluru, Karnataka, India, with an additional office in Claymont, Delaware, USA.
Operating in industries such as banking, compliance, financial services, mobile apps, and payments, Salt aims to simplify global banking for businesses. The company has an employee count ranging from 11 to 50 and supports transactions in 13 different currencies.
How Much Funding Has Salt Raised?
- Pre-Seed Round
- Amount Raised: USD 500,000
- Date: October 2021
- Lead Investors: Prashant Pansare, Supermorpheus, Vishrut Bubna
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ramp up hiring in India and support product development.
- Pre-Seed Round
- Amount Raised: USD 500,000
- Date: March 2022
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the engineering team and develop the product.
- Seed Round
- Amount Raised: USD 1,000,000
- Date: April 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and development in the international payments and compliance sector.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's market reach and enhance its product offerings.
Total Amount Raised: USD 2,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Technology, software, financial services
- Notable Investments: Airbnb, Dropbox, Reddit
- Prashant Pansare
- Details: Prashant Pansare is the founder of Backer Capital, a venture capital firm. He is known for his strategic investments in early-stage startups.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Supermorpheus
- Details: Supermorpheus is an investment firm that focuses on supporting innovative startups. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Vishrut Bubna
- Details: Vishrut Bubna is associated with Verak, a company known for its contributions to the startup ecosystem. He has a keen interest in fostering new ventures.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Amit Goel
- Details: Amit Goel is a former executive at MEDICI, a platform that connects fintech startups with investors. He has extensive experience in the financial technology sector.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for Salt?
Salt is poised for significant growth, with plans to expand its headcount to 100 and increase monthly transactions to $10 million by 2022. This expansion is driven by the burgeoning demand for cross-border payment solutions in the Indian import-export industry.
Future fundraising opportunities seem promising as Salt continues to scale its operations and enhance its product offerings. The company's recent success in raising $500,000 indicates a strong potential for attracting further investment to support its ambitious growth targets.
However, challenges such as navigating regulatory changes and meeting high customer expectations could pose hurdles. Ensuring the security and compliance of financial transactions will be crucial as Salt aims to solidify its position in the competitive fintech landscape.
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