London deputy mayor's money-transfer operation is all set to travel overseas to India this year. Rajesh Agrawal's Xendpay, co-founded by Paresh Davdra, has become the first of its kind business to receive approval from the Reserve Bank of India to move money out of the country. Set up in 2012, the business provides money transfers to over 200 countries. It does not charge an upfront fee if money transferred is below a certain level and unlike its competitors, has instead suggesting a voluntary payment.
Davdra said India has always been close to their hearts. Xendpay, which made nearly £1 million in revenue last year, will still rely on the Indian banking system to provide its services, so it is working on streamlining the transfer process and a way to reduce costs further.
