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Swiss fintech nsave gets $4M to enable people from unstable economies to open offshore accounts
The round was co-led by Sequoia Capital and TQ Ventures with participation from Y Combinator, SV Angel and FONGIT.
Baroudi told TechCrunch that he witnessed his family lose their life savings due to currency devaluation and the inability to open bank accounts in foreign countries upon fleeing war in Syria years ago, as they were regarded too risky. “It’s a very simple product so far: a trusted account abroad that you have where you can keep your savings in the hard currencies of the dollar, euro or pound for now and can access it when you need to,” Baroudi told TechCrunch, adding that the fintech has partnered with regulated banking institutions to offer the service. A lot of this is automated and happens dynamically.” Past the onboarding, the fintech uses its proprietary monitoring transaction tool to ensure it observes Swiss banking regulations, including anti-money laundering and counter-terrorist financing laws.
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