Swiss fintech firm nsave recently raised $4 million in seed funding, led by TQ Ventures and Sequoia Capital. Contributions also came from ACE Ventures, SV Angel, Y Combinator, and Geneva-based startup aid FONGIT.
This new funding is expected to enhance nsave’s financial management technology, extending its services to more businesses requiring superior financial tech solutions.
Founded in 2022, nsave’s mission is to democratize access to offshore banking, previously limited to the affluent. By leveraging digital technology, nsave is set to provide secure, efficient, and affordable transactions.
This ease in accessing Swiss financial services is forecasted to upend offshore banking, making it no longer a luxury but a practical option for many less privileged individuals.
Nsave views financial inclusivity as an attainable goal, aiming to tear down economic and geographic barriers. Their innovative approach hopes to enable more individuals to harness control of their financial futures and gain access to services traditionally reserved for the elite.
The user-friendly service allows customers to secure their savings in stable currencies such as the US dollar, euro, or British pound. Nsave’s app guides users through a simple registration and in-depth risk assessment.
The app lets customers choose their preferred currency, check their balance, make deposits or withdrawals, and monitor their savings growth.
Fund injection advances nsave’s offshore banking democratization
Nsave’s stringiest security measures ensure user savings are protected at all times.
Nsave also carries out risk assessments as part of its registration process. These assessments quickly calculate potential risk levels but occasionally require supplementary verification documentation.
After registration, nsave uses a custom-built transaction tool to surveil customer operations and ensure compliance with Swiss banking regulations, particularly those surrounding anti-money laundering and counter-terrorism financing controls.
Operating primarily out of Switzerland, nsave takes advantage of the country’s innovation-friendly approach and fintech licensing system. This approach allows nsave to test its financial models without major regulatory obstacles and paves the way for a smoother transition into a fully licensed banking system.
The recently raised funds are planned to further improve Save’s services and extend its reach into economically struggling countries like Lebanon. Save’s goal is to provide robust financial support to communities in desperate need.
In praise of nsave, Sequoia Capital’s George Robson appreciates the offshore banking platform for making financial stability more accessible for people experiencing severe inflation.
