Global neo-banking platform Vance has raised $5.8 million in a seed round led by Hummingbird Ventures.
The round also saw participation from Global Founders Capital, YCombinator, Soma Capital, and seasoned angels such as Alan Rutledge and Gokul Rajaram.
Founded in 2022 by Parth Garg, a Stanford dropout, Vance aims to change how global citizens engage with financial services.
Its vision is to build an all-encompassing banking platform, allowing users to seamlessly manage separate accounts, exchange currencies, and eventually, invest in equities across markets.
Unlike multi-currency wallets, a Vance account allows users to transact using local rails in different countries.
Vance’s solution opens up a wide array of benefits for users.
With Vance, international travelers can spend like locals, migrants can send personal remittances to their home country at live rates, and cross-border freelancers can receive payments without the hefty commissions.
The company envisions a world where you don’t need multiple bank accounts in multiple countries to be financially included in an ecosystem.
The goal is to build a borderless banking account that opens up realms of using banking products that are currently not possible.
Synonymous with Uber’s dynamic customer experience across borders, Vance will let people bank in any country through just one interface.
The funds raised will also be used to create products like remittances, savings accounts, and investments.
Read more on Tech Gist Africa: