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Neobanking Platform Vance Raises $5.8M in Seed Round Led by Hummingbird Ventures

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  • The funding round also saw participation from Global Founders CapitalYCombiner, Soma capital and angel investors.
  • Vance building a global neobanking platform that allows customers to access banking services around the world.
  • The money raised will be used for new product development and team expansion.

Global neobanking platform Vance said Monday it had raised $5.8 million in a seed funding round led by Hummingbird Companies. 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 Gargoa Stanford dropout, the neobank plans to build a comprehensive banking platform that will allow users to manage separate accounts, exchange currencies, and eventually invest in stocks in various markets.

The startup plans to leverage the seed round to further expand its 10-person team over the next 6 months. The money will also be used to create products such as remittances, savings accounts and investments, the company said.

The neobank envisions a world where a consumer does not need multiple bank accounts in different countries to be financially included in an ecosystem.

“The goal is to build a borderless bank account that opens up possibilities to use banking products that are not currently possible. Synonymous with Uber’s dynamic customer experience across borders, Vance allows people in any country to bank through just one interface,” Vance said in a statement.

With Vance, international travelers can spend like locals do, migrants can send in-person remittances to their home countries at live rates and cross-border freelancers can receive payments without the hefty commissions, the company said in a statement.

“Banking and payments have exploded in the last ten years, but when it comes to international transactions, we still run on archaic systems. With an ever-expanding global population, a global bank is more the need of the hour than ever,” said Garg, Founder CEO of Vance.

“We are excited about the near-term launch of remittances under Vance with the ultimate goal of becoming the neobank for global citizens,” Akshay Mehra, Asia leadsaid Hummingbird Ventures.

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

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