Neo-banking startup Vance has raised $5.8 million in its seed round led by Hummingbird Ventures. The round also saw participation from Global Founders Capital, Y Combinator, Soma Capital and angels such as Alan Rutledge and Gokul Rajaram.
The proceeds will be used to expand their 10-member team to 30 in the next 6 months, create products like remittances, savings accounts, and investments, Vance said in a press release.
Founded in 2022 by Parth Garg, Vance allows users to manage separate accounts, exchange currencies, and invest in equities across markets. Its accounts allow users to transact using local rails in different countries.
With Vance, international travellers 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.
Vance was a part of Y Combinator’s Winter 2022 batch and has plans to go live in the UAE and UK by the end of 2022. By Q1 2023, it aims to launch in five additional countries.
