Introduction
In a funding round that was managed by the American venture capital firm TQ Ventures, the Swiss fintech start-up nsave was able to secure a total of $18 million. The investment, which was also supported by contributions from ACE Ventures, Proton Foundation, Sequoia Capital, and Y Combinator, is an expansion of the company’s seed fundraising round, which was secured in March 2024 and consisted of four million dollars.
Nsave is a financial institution that was established in 2022 by Amer Baroudi and Abdallah AbuHashem. It provides individuals from countries that are experiencing economic instability or excessive inflation with the opportunity to open international foreign currency accounts in the form of euros, US dollars, or pounds. In addition to the fresh funding, the company has also introduced its new investment offering, which will provide users of its app with access to exchange-traded funds (ETFs) and stocks in the United States. Additionally, the company intends to provide access to funds that are managed by “some of the world’s largest asset managers” in the not too distant future. According to the information provided on its website, nsave is planning to announce the launch of further goods in the not too distant future. These products will include local cash payout services as well as individualized wealth management solutions such as smart investing possibilities.
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Industry Comments
In particular, the fintech says it aims to support young professionals who struggle to access traditional financial services after moving abroad, often due to “exclusionary and outdated compliance processes due to their country of birth”.
“We believe your passport shouldn’t determine your path to prosperity,” says nsave CEO Amer Baroudi. “Our compliance-by-design approach enables us to offer services safely to many more people.”
On the launch, Baroudi states: “Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too.”
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FAQ 1: What is nsave and what services does it provide?
Nsave is a Swiss fintech start-up founded in 2022 by Amer Baroudi and Abdallah AbuHashem. The company helps people in countries facing economic instability or high inflation to open international currency accounts in euros, US dollars, or pounds. They also offer investment opportunities like exchange-traded funds (ETFs) and US stocks. In the future, nsave plans to introduce services like local cash payouts and personalized wealth management options, making it easier for users to manage and grow their money.
FAQ 2: How does nsave aim to help young professionals?
Nsave targets young professionals who face challenges accessing traditional financial services when they move abroad. These individuals often face barriers due to outdated and exclusionary compliance processes linked to their country of origin. nsave aims to make financial services more accessible to these professionals through a compliance-by-design approach, allowing them to use services safely, regardless of where they come from.
FAQ 3: Who invested in nsave, and how much funding did they raise?
In a recent funding round, nsave raised $18 million, with contributions from well-known investors like TQ Ventures, ACE Ventures, Proton Foundation, Sequoia Capital, and Y Combinator. This funding follows the company’s $4 million seed round raised in March 2024. The fresh investment will help nsave expand its services and product offerings, making financial tools more accessible to people in economically unstable regions.
Conclusion
Nsave’s recent $18 million funding round is a significant step in its mission to provide accessible financial services to individuals in economically unstable regions. By offering international currency accounts and investment options like ETFs and US stocks, the company is helping young professionals and others who often face exclusion from traditional financial systems. With strong backing from venture firms like Sequoia Capital and Y Combinator, nsave is set to expand its range of services. The fintech start-up plans to launch more products soon, including local cash payouts and wealth management tools. With its innovative compliance model and commitment to improving access to financial services, nsave is positioned to play a pivotal role in the global fintech landscape.
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