Financial Inclusion | March 26, 2024

Nsave secures $4 million to democratize Swiss offshore accounts

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

Amer Baroudi from Syria and Abdallah AbuHashem from Gaza launched inclusive fintech venture Nsave to give people from countries with high inflation, political instability and poor security a safe haven for their money. UK-based Nsave’s fintech license in Switzerland allows people from distressed countries to open a simple savings account using stable currencies like dollars, euros and pounds. An account costs $69 per year and includes a virtual and physical Mastercard.

Nsave raised a $4 million seed financing round backed by Sequoia Capital, TQ Ventures, Y Combinator, Geneva’s startup innovation fund FONGIT and other investors.

Wealth security

Baroudi recounts having to travel with cash “literally strapped” to his body. “There are 700 million people globally who don’t have access to safe banking purely because of their origin,” he said. “Unfortunately, when you come from a distressed country, banks label you as a ‘high-risk’ client and, in most cases, refuse to provide banking services.”

Only people from a list of distressed countries are eligible for Nsave accounts. The company says its risk assessment process complies with Switzerland’s stringent anti-money laundering and counter-terrorism finance laws.

“Where you come from is actually not the risk factor,” Baroudi toldTechCrunch.