Nsave Secures $4 Million Seed Funding to Bring Fintech Solutions to Distressed Economies

nsave SA, a pioneering fintech firm, has successfully completed a $4 million seed funding round, co-led by Sequoia Capital and TQ Ventures, with participation from Y Combinator, SV Angel, ACE Ventures, and FONGIT. The company aims to democratize access to Swiss financial services, offering secure accounts and payments to individuals in distressed economies. Founded by Rhodes Scholars Amer Baroudi and Abdallah AbuHashem, nsave addresses the financial exclusion faced by those from countries with unstable economies.

The nsave app provides a lifeline for customers grappling with high inflation, enabling them to protect their savings through secure Swiss accounts. Furthermore, the company has developed proprietary tools to ensure compliance with stringent banking regulations such as anti-money laundering and KYC processes. This initiative challenges the global banking system's bias against individuals from distressed regions, according to Baroudi.

Baroudi's personal journey from Syria and struggle to access secure banking fueled the creation of nsave. Alongside AbuHashem's technical expertise, honed at companies like Microsoft and Robinhood, the team is set to leverage the seed funding to expand their beta pilot and further develop their infrastructure. Their mission is to make financial stability accessible to the middle class in troubled economies, countering the financial insecurity exacerbated by inflation, unstable banks, and exclusion.