Startup Vance has raised $5.8 million in a seed round led by Hummingbird Ventures.
According to the startup’s official announcement, it plans to use its seed investment to increase its 10-person team to 30 in the following six months. The statement also stated that the money will be utilised to develop products including investing, savings accounts, and remittances.
Vance, who was a participant of the Winter 2022 cohort of YCombinator, intends to launch in the UAE and the UK by the end of 2022. It intends to begin operations in five more nations by Q1 2023.
“Banking and payments have come leaps and bounds over the last decade, but when it comes to international transactions, we still run on archaic systems. It is time to rethink global banking from the ground up. With an ever increasing global population, a global bank is the need of the hour more than ever,” says Parth Garg, Founder and CEO, Vance.
Startup Vance aims to be the neo bank for global citizens
Vance, a company founded in 2022 by Parth, a Stanford dropout, is altering how people all across the world interact with financial services. Its goal is to provide a comprehensive banking platform that would enable users to easily manage various accounts, exchange money, and eventually trade in stocks across markets.
Parth, who relocated to India eight months ago and encountered difficulties obtaining a credit card despite having a background in the US and the UAE, is the inspiration for Vance. Currently, he oversees accounts in four different nations. He began looking for a remedy after realising that millions of other individuals experienced the same issues.
“We’re excited for the near-term launch of remittances under Vance, with an eventual goal of becoming the neobank for global citizens,” says Akshay Mehra, Asia Lead, Hummingbird Ventures.
The round also saw participation from Global Founders Capital, YCombinator, Soma Capital and seasoned angels such as Alan Rutledge and Gokul Rajaram.
