The company aims to use the newly obtained funds to expand its services aimed at providing accessible banking solutions for individuals residing in regions with unstable banking sectors or facing significant inflationary pressures. Specifically, proceeds from the seed funding will be used to expand nsave’s infrastructure, including scaling engineering and operations, and expanding its successful beta pilot to thousands of additional customers.
The funding round was jointly led by Sequoia Capital and TQ Ventures, with additional participation from Y Combinator, ACE Ventures, SV Angel, and FONGIT, a tech startup support organisation based in the state of Geneva. Founded in 2022, nsave originates from the personal experiences of its co-founders, and its primary offering revolves around providing users with trusted offshore accounts denominated in stable currencies such as the US dollar, euro, or pound. Through partnerships with regulated financial institutions, the fintech enables individuals to securely store their savings and access them as needed. To access the service, users undergo an onboarding process involving risk assessment to comply with stringent banking regulations.
Nsave leverages proprietary transaction monitoring tools to ensure adherence to Swiss banking regulations, including measures against money laundering and terrorist financing. The choice of Switzerland as a base was inspired by its conducive environment for innovation, supported by regulatory frameworks such as the fintech licence regime, allowing companies to operate as financial intermediaries.
While still in the early stages of development, nsave aims to address the savings and wealth management needs of its target demographic, primarily focusing on individuals from distressed economies. Company officials emphasised the company's mission of providing secure banking options for the financially excluded, particularly those affected by hyperinflation and stringent banking restrictions, such as in Lebanon.
Representatives from Sequoia Capital cited by TechCrunch commended nsave's efforts in developing a global product compliant with financial regulations and establishing partnerships with banks. In essence, nsave aims to offer a trusted solution to protect users against the economic challenges prevalent in distressed economies, providing stability through offshore accounts accessible to those in need.
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