Aimed at offering a unique solution for travelers abroad, extralavelmoney based in Kochi, a leading currency market, will launch visa and travel insurance as part of its tenth year of operations.

The company plans to incorporate more banks and financial institutions on its platform; Expand to the B2B segment collaborating with travel agents and education consultants to meet customer needs. The increase in external remittances in India has provided Fintech firm to capitalize on the emerging business opportunity, said George Zachariah, founder and CEO, Extravelmoney.

The Indian external remittance market under the liberalized remittance scheme (LRS), according to him, had reached $ 27.14 billion last year, witnessing a 10.6 percent growth. With the travel expenses that represent 60 percent of these remittances, the market is full of without exploiting potential for an efficient, safe and profitable solution. States like Kerala will benefit from the growing remittance business considering the increase in international migration, said Zachariah commercial line In an interaction.

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Citing the Kerala 2023 migration survey, he said that 2.2 million people have emigrated from the State with an increasingly popular international education among young people. For these global citizens and their families, currency management and bougps is a critical part of staying connected through borders and guaranteeing a satisfactory moment abroad.

However, he said that students’ migrations, especially to Canada, are showing a decrease in primary applications since September of last year, may be due to current developments in that country. Canada was the largest market with about 2 Lakh students migrating from India per year, he said that he added that the situation is expected to be normal with the new government in its place.

Extravelmoney currently serves approximately 18,000 to 20,000 users annually, with a customer base of about 1.7 Lakh to date. This includes Indians who travel abroad, Indian students studying abroad and Nris. Travelers represent 60 percent of total users, while the remaining 40 percent consists of students and Nri.

The platform also admits currency cards for life expenses abroad and facilitates international money transfers, allowing parents to send money safely and affordable. For students, these cost savings measures can lead to annual savings of ₹ 30,000 to ₹ 50,000, he added.