Wizz Financial bets on India with cross-border fintech push, eyes 2029 IPO

The company describes itself as a “global neobanking platform” with operations in 150 countries. About 60% of its business and revenue comes from India, followed by the Gulf Cooperation Council (GCC) and the US.

Its network covers the top 20 corridors for India, with the GCC accounting for about 55% of its India business, followed by the US, UK, Australia, Japan, Singapore and South Korea, among others.

The strategy is focused on the Indian diaspora and acquiring customers in India, rather than primarily facilitating money remitted into India, Nagammy said.

Having Indian and international balance sheets allows Wizz Financial to operate under licences and regulatory oversight in India, the US, GCC and Europe. This enables it to offer products directly to customers rather than requiring them to route transactions through Indian banks, which, Nagammy said, can create taxation and other operational challenges. The company is seeking licences in more geographies to expand beyond remittances.

Its India operations, under the Wizzmoni brand and headquartered in Kochi, Kerala, were formerly operated under the Unimoni name before Wizz Financial took over the business in June 2025. The group is part of Switzerland-headquartered Prism Group AG and has more than 2,600 employees and 368 branches across 21 Indian states.

Its disbursements rose to ₹623 crore in FY25 from ₹525 crore in FY24, while first-half FY26 disbursements stood at ₹484 crore, according to Acuité Ratings. Net profit, however, fell to ₹9 crore in FY25 from ₹31 crore a year earlier.

Building the stack

In India, Wizz Financial was the first platform to link its cross-border payments platform to UPI, allowing foreign nationals to make payments without a SIM and at pre-determined rates. It was also the first to launch prepaid transactions in 35 currencies in India.

The company has also developed its own treasury solution for inward remittances to India based on a stablecoin.

Wizz Financial is now expanding into wealth management, adding mutual funds and insurance products. It recently tied up with Aviva Life Insurance and is working with two top mutual fund houses to develop products for foreign investors who can invest as little as $1,000-2,000 annually. It is also considering dollar-hedging solutions for larger expenses such as overseas education.

“We are trying to democratize wealth for the lower income families,” Nagammy said, adding that the company is now pan-India, and aims to bring wealth-creation solutions to more “untraditional clients”.

Nagammy said most platforms cater to higher-income foreign investors earning upwards of $500,000, while the Liberalised Remittance Scheme (LRS) and prepaid cards have enabled smaller-ticket transactions.

The company is also preparing to launch Wizz Live, a feature for free inter-family cross-border transactions and remittances, and is establishing a presence in GIFT City. Its first products from GIFT City are expected to launch in the second quarter of 2027.

Wizz Financial operates a hybrid model in India, combining digital and physical presence. It holds an authorized dealer 2 licence for treasury operations, a Full-Fledged Money Changer (FFMC) licence, an NBFC licence for lending and a prepaid payments instrument (PPI) licence for wallet services.

“We do things as from the point of view of an Indian company,” Nagammy said, adding that the company is not only more regulated than some foreign peers, but is also focused on the Indian diaspora and acquiring customers in India compared with foreign players that typically focus on money being remitted to India.

Lending for scale

Payments and remittances account for around 70% of Wizz Financial’s revenue, with lending contributing the remaining 30%. Nagammy said the company wants payments to remain the majority of revenue.

“We are a fintech neo banking platform. We would like to have our majority of revenue from payments.”

The lending business, which began with gold loans in 2019, is centred on secured products such as loans against mutual funds. Most use cases revolve around education financing and salary solutions, Nagammy said.

Gold loans remain the largest lending segment, with a book of around ₹2,000 crore. The company wants to grow it to around ₹4,500 crore by next year, Nagammy said.

The broader objective is to consolidate customer needs on one platform rather than requiring users to rely on four or five applications. “After the bank, we want to be number two in his pocket when he travels, interacts overseas or if he is an exporter. We have that ability today,” he said.

Capital next

Wizz Financial is planning a large capital raise for working capital in 2027, followed by an IPO at the beginning of 2029.

“We are working with advisors, how to basically re-domicile the whole group in India,” Nagammy said.

He expects the company’s valuation to be supported by its position as the biggest international Indian payments player, its infrastructure in India and its focus on financial inclusion.

“Most of the branches are in tier 2-4 cities. We're not in the big metro cities, so there is a financial inclusion strategy aspect,” he said.

The company plans to hire around 50 more people over the next year for strategic digital expansion and to scale product innovation and distribution.

Anshika Kayastha

Driven by a passion for news and commitment to accurate and ethical reporting, Anshika Kayastha has been covering the full spectrum of BFSI—from banks and NBFCs to fintechs, insurance, payments, regulators, personal finance and money markets for the past 13 years. Based in Mumbai, her work at Mint spans comprehensive and insightful stories on sectoral trends, regulatory and policy shifts, corporate strategies, governance, and innovation. With a particular interest in fintech, she keeps a close watch on emerging players, disruptive business models, and the evolving regulatory landscape. Prior to joining Mint in July 2024, Anshika honed her craft at The Hindu BusinessLine and Informist Media, to deliver incisive, well-sourced reporting on the forces shaping India's financial services. She holds a degree in media and communication from Symbiosis University. When she's not tracking the latest RBI circular or tenaciously pursuing the next story, Anshika is most at home in the mountains of Himachal Pradesh. Warm, social, and endlessly curious, she's a self-confessed credit card enthusiast, and brings that same energy to offbeat TV series, puzzles, beach vacations, and competitive game nights.