Neobanking platform Vance raises $5.8 million in seed round led by Hummingbird Ventures

• The funding round also saw participation from Global Founders Capital, YCombinator, Soma Capital and angel investors.
  
• Vance is building a global neobanking platform that will enable customers to access banking services across the world.
  

• The funds raised will be used for new product development and team expansion.
  

Global neobanking platform Vance on Monday said it had raised $5.8 million in a seed funding round led by Hummingbird Ventures. The round also saw participation from Global Founders Capital, YCombinator, Soma Capital and angel investors Alan Rutledge and Gokul Rajaram.

Founded in 2022 by Parth Garg, a Stanford dropout, the neobank plans on building an all-encompassing banking platform that will allow users to manage separate accounts, exchange currencies, and eventually, invest in equities across markets.

The startup aims to leverage the seed round to further expand its 10-member team in the next 6 months. The funds will also be used to create products like remittances, savings accounts, and investments, the company said.

The neobank envisions a world where a consumer doesn't need multiple bank accounts across 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,” said Vance in a statement.

With Vance, international travelers will be able to 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 said in a statement.

“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. With an ever increasing global population, a global bank is the need of the hour more than ever,” said Garg, who is founder CEO of Vance.

“We're excited for the near-term launch of remittances under Vance, with an eventual goal of becoming the neobank for global citizens,” Akshay Mehra, Asia Lead, Hummingbird Ventures said.

Vance was a part of YCombinator’s Winter 2022 batch and plans on going live in the UAE and UK by the end of 2022. By Q1 2023, the goal is to launch in five additional countries, the company said in a statement.

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