nsave Secures $4 Million Seed Funding to Offer Financial Services to Distressed Economies
nsave was co-founded by Amer Baroudi (right) and Abdallah AbuHashem (left), Rhodes Scholars who met at the University of Oxford and have extensive experience in banking, regulatory compliance, and fintech.
LONDON, England, March 25, 2024 (VSNewsNetwork.com) - nsave SA, a fintech startup aimed at providing secure financial services to individuals in distressed economies, has successfully closed its first round of seed funding, raising $4 million. According to a recent press release, the funding round was co-led by Sequoia Capital and TQ Ventures, with additional participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT. Founded by Amer Baroudi and Abdallah AbuHashem, both Rhodes Scholars with a vision to democratize access to Swiss financial services, nsave is poised to safeguard the life savings of middle-class families worldwide.
The company has developed an app designed to offer users from high-inflation and unstable economies the ability to protect their finances through secure accounts. nsave also boasts a proprietary transaction monitoring tool to ensure compliance with stringent banking regulations, including anti-money laundering, counter-terrorist financing laws, and Know Your Client (KYC) processes.
Baroudi, reflecting on the inspiration behind nsave, stated, “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.”
With a background in tech entrepreneurship, governance, policy, and financial regulations, Baroudi has firsthand experience with the challenges of accessing safe banking services after leaving Syria. His co-founder, AbuHashem, brings a wealth of experience from the tech industry, having worked for companies like Microsoft and Robinhood, and focuses on the ethical and technological aspects of nsave as its CTO.
The seed funding will be used to expand nsave’s infrastructure, scale engineering and operations, and extend its beta pilot to reach thousands more customers. George Robson, Partner at Sequoia Capital, praised nsave’s achievements, saying, “Developing a global product compliant with strict financial regulations is no easy task, not to mention building partnerships with banks — yet the nsave team have done just that. Now that nsave is live, there’s finally a trusted option to protect their users against the rampant inflation of distressed economies, providing safe, stable offshore accounts to people who need them the most.”
Baroudi further highlighted the dire need for nsave’s services, citing Lebanon’s economic crisis as an example where individuals face severe financial instability, pushing a significant portion of the population below the poverty line. “Many of us overlook these challenges. Basic financial privileges, taken for granted in high-income countries, are luxuries to a vast majority worldwide. As a result, misfortunes and heartbreak ensue – children are forced to abandon their education and parents are left stranded outside hospitals because their money lost value due to inflation and because they were unable to send payments internationally. It's not a lack of funds, but the inability to access their money that causes these tragedies. Leveraging our proprietary technology and changes in the regulatory landscape, nsave can create a better life for thousands,” Baroudi concluded.
For more information about nsave and its mission to provide inclusive financial services, visit www.nsave.com.
Source: nsave via Newswire
