Fintech group Wizz Financial is building an India-focused cross-border financial platform that lets Indians, the diaspora and foreign visitors send and receive money, make payments, exchange currencies and access credit and other financial services on one platform. According to reports from The Economic Times, the company is preparing to raise capital in 2027 and pursue an initial public offering in 2029. Founder and group chief executive officer Amir Nagammy stated that the strategy focuses on the Indian diaspora and acquiring customers in India, rather than primarily facilitating money remitted into India. "We want to cover full financial services that address resident Indians, non-resident Indians (NRIs), overseas citizens of India (OCIs) and also anyone that comes to India. It's like a cross-border bridge," said Nagammy. The company is working with advisors on re-domiciling the whole group in India and expects its valuation to be supported by its position as the biggest international Indian payments player, its infrastructure in India and its focus on financial inclusion.
As reported by The Economic Times, Wizz Financial 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. The company's 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. 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.
According to Acuité Ratings data reported by The Economic Times, Wizz Financial's disbursements rose to ₹623 crore in FY25 from ₹525 crore in FY24, while first-half FY26 disbursements stood at ₹484 crore. However, net profit fell to ₹9 crore in FY25 from ₹31 crore a year earlier. Payments and remittances account for around 70% of the company's revenue, with lending contributing the remaining 30%. The lending business, which began with gold loans in 2019, is centred on secured products such as loans against mutual funds, with gold loans remaining the largest lending segment at around ₹2,000 crore. Nagammy said the company wants to grow it to around ₹4,500 crore by next year. The company operates a hybrid model in India, holding 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.
As reported by The Economic Times, 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 developed its own treasury solution for inward remittances to India based on a stablecoin and 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. The company 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."
According to The Economic Times, Wizz Financial is planning a large capital raise for working capital in 2027, followed by an IPO at the beginning of 2029. The company is seeking licences in more geographies to expand beyond remittances. Its first products from GIFT City are expected to launch in the second quarter of 2027. The company is also preparing to launch Wizz Live, a feature for free inter-family cross-border transactions and remittances. Having Indian and international balance sheets allows Wizz Financial to operate under licences and regulatory oversight in India, the US, GCC and Europe, enabling it to offer products directly to customers rather than requiring them to route transactions through Indian banks. The company plans to hire around 50 more people over the next year for strategic digital expansion and to scale product innovation and distribution. Most of its branches are in tier 2-4 cities, supporting a financial inclusion strategy.
