Global neo-banking platform Vance has raised $5.8 million in a seed round led by Hummingbird Ventures along with the participation of Global Founders Capital, YCombinator, Soma Capital and angel investors such as Alan Rutledge and Gokul Rajaram.
Founded in 2022 by Parth Garg, a Stanford dropout, Vance’s vision is to build an all-encompassing banking platform, which will allow users to manage separate accounts, exchange currencies, and eventually, invest in equities across markets.
Transaction using local rails
Unlike multi-currency wallets, a Vance account allows users to transact using local rails in different countries. The goal is to enable users to use direct debit in the US, while seamlessly leveraging India’s UPI rails through the same account.
Commenting on the development, Parth Garg, Founder and CEO, Vance, said, “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. It is time to rethink global banking from the ground up. With an ever increasing global population, a global bank is the need of the hour more than ever.”
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 startup aims to leverage their seed round to expand their 10-member team to 30 in the next 6 months. The funds will also be used to create products like remittances, savings accounts, and investments.
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