nsave has announced the closure of its first round of seed funding, raising $4m. nsave is a Swiss fintech company dedicated to offering safe and secure accounts and payments for individuals from distressed economies.
Sequoia Capital and TQ Ventures co-lead the round with participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT (the State of Geneva organisation supporting tech startups).
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nsave has developed an app that allows customers who suffer from high inflation and reside in unstable economies to protect their money by accessing safe accounts. The company has also developed a proprietary monitoring transaction tool to ensure it meets the banking regulations, including anti-money laundering and counter-terrorist financing laws as well as processes for identifying and verifying a client’s identity.
nsave will use the funding to expand its infrastructure
Co-Founder Amer Baroudi said. “The reality is that if you come from a distressed country, the global banking system will discriminate against you and label you as a ‘high risk client’ and, in most cases, refuse to serve you simply because of where you come from. I have seen the impact of that unfair exclusion myself, and my loved ones have suffered because of this. We had to do something and innovate a better and more inclusive way of risk assessment in order for us to serve the people who desperately need access to safe financial service while making sure we comply with regulations.”
“We are grateful for the trust our investors have placed in us and our vision. This investment will accelerate our work, helping the middle class from distressed economies access safe financial services. nsave’s vision is to provide inclusive financial services to all, ensuring accessibility without any form of discrimination.”
Proceeds from the seed funding are earmarked to expand nsave’s infrastructure, including scaling engineering and operations, and expanding its successful beta pilot to thousands of additional customers.
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