nsave, a Swiss FinTech company, has successfully closed its first round of seed funding, securing a significant $4m investment.
This funding round was co-led by Sequoia Capital and TQ Ventures, with notable participation from a consortium of investors including Y Combinator, SV Angel, ACE Ventures, and FONGIT, a State of Geneva organization dedicated to supporting tech startups.
Founded by Amer Baroudi and Abdallah AbuHashem, both Rhodes Scholars with profound experience in the banking and FinTech sectors, nsave aims to democratize the accessibility of safe financial services. The duo met at the University of Oxford and has since been committed to addressing the financial challenges faced by those in unstable economies through innovative solutions.
nsave’s proprietary platform provides a simple and secure way for customers to safeguard their finances against high inflation rates. Its mobile application allows users to open safe accounts, while a unique transaction monitoring tool ensures compliance with stringent banking regulations. These include anti-money laundering and counter-terrorist financing laws, as well as Know Your Client (KYC) processes. This comprehensive approach highlights nsave’s dedication to providing secure and accessible financial services, without discrimination.
The fresh capital will be instrumental in scaling nsave’s operations, including the expansion of its engineering team and the broadening of its successful beta pilot to reach thousands more customers. This expansion is critical, as more than 700 million people in struggling economies currently lack access to safe financial services, a gap that nsave aims to bridge.
Amer Baroudi, reflecting on the importance of this initiative, highlighted the discriminatory practices of the global banking system against individuals from distressed countries. He shared his personal experiences and the inspiration behind nsave, emphasizing the need for inclusive financial solutions that cater to the needs of the underserved.
Abdallah AbuHashem, nsave’s CTO, also brings a wealth of experience from the tech industry, having worked with leading companies and received numerous awards. His expertise will be pivotal in driving the technological advancement of nsave’s offerings.
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