Nsave, a fintech based in Geneva, is making banking in Switzerland accessible to people in countries with unstable banking sectors or facing high inflation. The company has recently raised $4 million in seed funding, with investments from Sequoia Capital, TQ Ventures, Y Combinator, SV Angel, and FONGIT: the State of Geneva organization that supports tech startups.
Amer Baroudi and Abdallah AbuHashem co-founded nsave in 2021 based on their personal experiences. Baroudi witnessed his family lose their life savings due to currency devaluation and the inability to open bank accounts in foreign countries upon fleeing war in Syria years ago, as they were considered too risky.
Baroudi aims to democratize offshore banking access, making it available to everyone. Nsave offers a simple product: a trusted account abroad where users can keep their savings in stable currencies like the dollar, euro, or pound and access them when needed.
Users can sign up on the app and go through a risk assessment process based on strict banking regulations. Nsave partners with regulated financial institutions to provide its services.
Baroudi highlights the importance of proper risk assessment and compliance with Swiss banking regulations, including anti-money laundering and counter-terrorist financing laws.
He mentions that nsave selected Switzerland for its strong innovation culture and fintech-friendly environment, allowing fintechs to act as financial intermediaries under a fintech license regime.
The company focuses on the savings and wealth side of retail banking, catering to financially excluded individuals in struggling economies by offering safe banking options for protecting savings and growing wealth.
Nsave aims to reach millions of people in distressed economies like Lebanon, where inflation is high, currency devaluation is severe, and strict banking limits are in place.
Investors like George Robson from Sequoia Capital appreciate the company’s efforts in providing a trusted solution for protecting users against inflation in distressed economies.