nsave SA Secures $4 Million Funding for Financial Inclusion
LONDON – March 22, 2024 – nsave SA, a fintech company dedicated to offering safe and secure accounts and payments for individuals from distressed economies, today announced the closure of its first round of seed funding. Sequoia Capital and TQ Ventures co-lead the round with participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT (the State of Geneva organization supporting tech startups). nsave, which seeks to democratize access to safe financial services in Switzerland, raised $4 million (£3.17 million).
nsave was co-founded by Amer Baroudi and Abdallah AbuHashem, Rhodes Scholars who met at the University of Oxford, with extensive experience in banking, regulatory compliance, and fintech.
nsave has developed a simple to use app that allows customers who suffer from high inflation and reside in unstable economies to protect their money by accessing safe accounts. The Company has also developed a proprietary monitoring transaction tool to ensure it meets the most stringent banking regulations, including anti-money laundering and counter-terrorist financing laws as well as processes for identifying and verifying a client’s identity when opening an account also referred to as Know Your Client or KYC.
“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.” Mr. Baroudi
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1 |  Sequoia Capital | 2 investment(s) investment(s) | more info | |||
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3 |  Y Combinator | 12 investment(s) investment(s) | more info | |||
4 |  SV Angel | 1 investment(s) investment(s) | more info | |||
5 |  ACE Ventures | 1 investment(s) investment(s) | 7 contacts contacts |
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