Global neo-banking platform Vance Raises Investment

Global neo-banking platform Vance has raised $5.8 million in a seed round headed by Hummingbird Ventures. Global Founders Capital, YCombinator, Soma Capital, and experienced angel investors like Alan Rutledge and Gokul Rajaram also participated in the round.

Parth Garg, a Stanford dropout who founded Vance in 2022, wants to transform how people interact with financial services worldwide. Their goal is to develop a complete banking platform that will enable users to easily manage various accounts, swap currencies, and eventually trade in stocks across markets. In contrast to multi-currency wallets, a Vance account enables users to do transactions utilizing local railways in several nations. Providing customers with the option to use direct debit in the US while smoothly utilizing India’s UPI rails through the same account is the aim.

According to Parth Garg, “Banking and payments have advanced significantly over the past ten years, but when it comes to international transactions, we still rely on antiquated technologies. It is time to completely restructure global banking. A worldwide bank is more necessary than ever due to the growing global population”.

Akshay Mehra who is the Asia Lead for Hummingbird Ventures stated “In Vance, we’ve witnessed relentless execution, an excellence-focused culture, and a drive to establish a formidable financial technology firm. Parth and his colleagues are the ideal teams to bring about change for ex-pats all over the world since they are always challenging the status quo. With a long-term objective of becoming the neobank for world residents, we’re eager for the upcoming introduction of remittances under Vance”.

Vance, who was a member of the Winter 2022 cohort of YCombinator, intends to launch in the UAE and the UK by the end of 2022. The objective is to begin operations in five more nations by Q1 2023. The business wants to use its seed round to grow its 10-person staff to 30 in the following six months. Additionally, the money will be utilized to develop products like investing, savings accounts, and remittances.