Nsave, a fintech startup based in Geneva, recently secured $4 million in seed funding to make banking in Switzerland more accessible to individuals from countries with unstable banking sectors or facing high inflation. Co-founded by Amer Baroudi and Abdallah AbuHashem in 2021, the company aims to provide a solution for those who have struggled to open bank accounts in foreign countries due to risk factors. The platform offers a trusted offshore account where users can store their savings in stable currencies like the dollar, euro, or pound, with partnerships established with regulated financial institutions to ensure the service is secure and compliant with banking regulations.
Baroudi’s personal experience of witnessing his family lose their life savings due to currency devaluation and restrictions on opening bank accounts in safer locations due to the risk associated with their origins from war-torn Syria inspired the creation of nsave. The startup’s mission is to democratize access to offshore banking, a privilege historically reserved for the affluent or well-connected individuals. By implementing robust risk assessment procedures and automated due diligence mechanisms, nsave ensures that users from distressed economies can safely protect their savings and grow their wealth without being hindered by stringent banking regulations or limitations.
The team, consisting of former Rhodes scholars, chose Switzerland as the base for their fintech venture due to the supportive environment for innovation and the opportunity to obtain a fintech license facilitating the development of the platform. As nsave continues to refine its product offerings and cater to the needs of financially-excluded individuals in struggling economies like Lebanon, where inflation rates are skyrocketing and access to savings is restricted, the startup will prioritize building partnerships with banks and adhering to global financial regulations to provide a stable and secure offshore banking experience for those who need it the most.