Get All Access for $5/mo

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

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.
Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Growing a Business

The Top 5 AI Tools That Can Revolutionize Your Workflow and Boost Productivity

Discover the top 5 AI tools for marketing and content creation that every marketer needs to know.


10 Effective Growth Marketing Hacks and Strategies for Your Startup

Working at a startup can feel like building a plane while you're trying to take off. Use these ten marketing tips to effectively grow and sustain your startup.

News and Trends

HRtech Startup Umwelt.Ai Gains USD 125K Seed Funding from Upekkha

With this seed funding, Umwelt.Ai is poised to further its mission of revolutionising HR technology and employee experience management, making a significant impact on organisations globally.


This Unique Social Startup Helps in Offsetting Carbon Footprint

Verdoo, a free online tool, helps consumers fight climate change through online shopping

Science & Technology

No More ChatGPT? Here's Why Small Language Models Are Stealing the AI Spotlight

Entrepreneurs can leverage this growing tech to create innovative, efficient and targeted AI solutions.