Swiss FinTech nSave raises $4m to boost financial inclusivity.

TLDR:

Swiss FinTech nSave has secured $4m in seed funding to support financial inclusivity. The funding round was co-led by Sequoia Capital and TQ Ventures, with participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT. Founders Amer Baroudi and Abdallah AbuHashem aim to democratize safe financial services for those in unstable economies. nsave’s platform offers secure accounts and transaction monitoring tools to comply with banking regulations. The funding will be used to scale operations and reach more customers who lack access to safe financial services in struggling economies.

Swiss FinTech nSave secures $4m in seed funding to support financial inclusivity

nsave, a Swiss FinTech company, has successfully closed its first round of seed funding, securing a significant $4m investment. Founded by Amer Baroudi and Abdallah AbuHashem, nsave aims to democratize the accessibility of safe financial services for those in unstable economies. The funding round was co-led by Sequoia Capital and TQ Ventures, with notable participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT, a State of Geneva organization dedicated to supporting tech startups.

nsave’s 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, including anti-money laundering and counter-terrorist financing laws, as well as Know Your Client (KYC) processes. The company aims to bridge the gap for more than 700 million people in struggling economies who currently lack access to safe financial services.

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. Amer Baroudi and Abdallah AbuHashem bring profound experience in the banking and FinTech sectors to nsave, highlighting their commitment to providing secure and accessible financial services without discrimination.