nsave SA is a fintech company that aims to provide safe and secure accounts and payment solutions for individuals residing in distressed economies. Recently, the company announced the successful closure of its first round of seed funding, with Sequoia Capital and TQ Ventures leading the investment. Other investors included Y Combinator, SV Angel, ACE Ventures, and FONGIT, the State of Geneva organization supporting tech startups. nsave raised a total of $4 million in this round.
nsave’s co-founders Amer Baroudi and Abdallah AbuHashem, who met at the University of Oxford, bring extensive experience in banking, regulatory compliance, and fintech. They developed a simple-to-use app that allows customers residing in unstable economies, suffering from high inflation, to protect their money by accessing safe accounts.
nsave has also developed a proprietary monitoring transaction tool to ensure it meets the most stringent banking regulations. This includes adhering to 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 known as Know Your Client or KYC.
Overall, nsave aims to democratize access to safe financial services in Switzerland and beyond.
“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,” Baroudi said. “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.”
Baroudi is a successful entrepreneur who has built award-winning tech companies. He co-founded a social enterprise that helped thousands of people from conflict-affected areas. Baroudi is an expert in governance, policy, and financial regulations. He holds two degrees from the University of Oxford, where he studied as a Rhodes Scholar. After leaving Syria, he faced difficulties accessing safe banking. This experience inspired him to launch nsave, a company that aims to provide fair and accessible financial services.
Abdallah AbuHashem is nsave’s CTO. Before co-founding the company, he worked for several technology firms, including Microsoft and Robinhood. AbuHashem is a recipient of multiple awards and honors, such as the George E. Forsythe teaching award from the department of computer science at Stanford University, where he earned both his BS and MSc in computer science. Recently, he completed a master’s degree from Oxford University in Social Science of the Internet, focusing on ethics and technology workers.
“We are grateful for the trust our investors have placed in us and our vision,” said Baroudi. “This investment will accelerate our work, helping the middle class from distressed economies access safe financial services. nsave’s vision is to provide inclusive financial services to all, ensuring accessibility without any form of discrimination.”
nsave plans to use seed funding to expand its infrastructure, including scaling engineering and operations. Additionally, it aims to expand its successful beta pilot to thousands of more customers.
“Developing a global product compliant with strict financial regulations is no easy task, not to mention building partnerships with banks — yet the nsave team have done just that,” said George Robson, Partner Sequoia Capital. “Now that nsave is live, there’s finally a trusted option to protect their users against the rampant inflation of distressed economies, providing safe, stable offshore accounts to people who need them the most.”
The company has highlighted that over 700 million people in developing economies are facing difficulties in accessing safe financial services or safeguarding the value of their money due to factors such as inflation, unstable local banks and financial exclusion. These individuals are deprived of safe financial products like international accounts that are generally available only to high net worth individuals.
Mr. Baroudi continued, “For instance, if you come from Lebanon, with its staggering 137.8% inflation rate, over 90% currency devaluation, and monthly withdrawal limits as low as $400, there are no secure options for financial security. This financial instability has pushed an estimated 80% of the population below the poverty line, with 36% in extreme poverty.”
“Many of us overlook these challenges. Basic financial privileges, taken for granted in high-income countries, are luxuries to a vast majority worldwide. As a result, misfortunes and heartbreak ensue – children are forced to abandon their education and parents are left stranded outside hospitals because their money lost value due to inflation and because they were unable to send payments internationally. It’s not a lack of funds, but the inability to access their money that causes these tragedies. Leveraging our proprietary technology and changes in the regulatory landscape, nsave can create a better life for thousands,” Mr. Baroudi concluded.
