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Global Neobank Platform Vance Raises $5.8 Million Seed Fund The fund raised will be used for new product development, activate services in five countries including UK, UAE, and team expansion

By Teena Jose

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Global neo-banking platform Vance has raised $5.8 million in a Seed funding round led by Hummingbird Ventures. The round also saw participation from Global Founders Capital, YCombinator, Soma Capital and seasoned angels such as Alan Rutledge and Gokul Rajaram. The fund raised will be used for new product development, activate services in five countries including UK, UAE, and team expansion. It will also be used to create products like remittances, savings accounts, and investments.

"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," said Parth Garg, founder and CEO, Vance.

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, claimed by the company in a statement.

"In Vance, we've seen relentless execution, a culture of excellence, and a willingness to build a formidable financial technology company. Parth and team constantly question the status quo and are the right set of people to impact change for expats globally. We're excited for the near-term launch of remittances under Vance, with an eventual goal of becoming the neobank for global citizens," said Akshay Mehra, Asia lead, Hummingbird Ventures.

Founded in 2022 by Parth Garg, Vance is changing the way global citizens engage with financial services. Their vision is to build an all-encompassing banking platform, which will allow users to seamlessly manage separate accounts, exchange currencies, and eventually, invest in equities across markets.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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