Salt, an India-based cross-border payments platform for businesses, has received $500k pre-seed investment from several angel investors as well as founders of various Indian startups.

Founded last year, the Bangalore-based startup facilitates inward remittance service for small and midsize businesses (SMBs) and micro, small and medium enterprises (MSMEs) in the country.

The service allows Indian businesses to receive money from more than 50 countries in six currencies.

In addition, Salt offers a banking, documentation management, and workflow automation platform for exporters and importers.

The capital infusion will support the firm’s efforts to expand its employee count to nearly 100 by the end of next year.

It also plans to scale up transactions on its platform to $10m by 2022.

At present, Salt processes transactions worth around $100,000 on its platform each month.

Salt co-founder and CEO Ankit Parasher said: “We are at a cusp of growth in the Indian Impex (import-export) industry, with the government pushing for a higher share in world trade to become an export hub.

“We require robust banking and compliance products for this industry to support the scale of transactions in a rapidly changing regulatory environment coupled with higher customer expectations.”

Parasher added that the latest funding round will enable the firm to build out its engineering team and support the development of new features in line with the product roadmap.

Last month, India-based digital payments and merchant commerce firm Pine Labs secured $100m investment from the US-based Invesco Developing Markets Fund.

The investment came as the firm was looking to raise between $400m to $500m before its planned US stock market debut next year.

This August, India announced the launch of a new cashless and contactless instrument for digital payment called e-RUPI, speeding up its move towards the cashless economy.