Swiss fintech nsave, which is making banking in Switzerland accessible to people in countries with unstable banking sectors or facing high inflation,

Swiss fintech nsave gets $4M to enable people from unstable economies to open offshore accounts

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2024-03-28 15:00:02

Swiss fintech nsave, which is making banking in Switzerland accessible to people in countries with unstable banking sectors or facing high inflation, has raised $4 million seed funding. The round was co-led by Sequoia Capital and TQ Ventures with participation from Y Combinator, ACE Ventures, SV Angel and FONGIT, the state of Geneva organization that supports tech startups.

Amer Baroudi and Abdallah AbuHashem co-founded nsave in 2022 from lived experiences. 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.

He said offshore banking has always been accessible to a small number of people, often the wealthy or those with great networks, adding that nsave is out to democratize that access to everybody else.

“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 financial institutions to offer the service.