Swadesh, a cross-border fintech firm for Indian expats, has raised $2.25 million in pre- seed funding from Khosla Ventures, 8VC, Y Combinator, and Section32.

Swadesh recently launched zero-balance U.S. bank accounts that can be opened from India with just an Indian passport & valid U.S. visa in 3 minutes. Swadesh charges no account opening or maintenance fees, and provides a virtual VISA debit card for online and contactless payments instantly.

The funding is being used to scale up customer acquisition and expand its product suite of NRI-focused financial products, including NRE/NRO accounts.

Founded in 2019 by Prateek Swain, a Princeton University alumnus, Swadesh allows Indian students and expats headed to the United States to set up secure banking

infrastructure and initiate cross-border transfers and transactions ahead of time. From personal experience, Swain realised that current financing options such as forex cards can be extortionate and unreliable, and Swadesh disrupts that market while also providing a better banking solution in the United States.

“Availability of funds is essential during relocation, and Swadesh is the only option that removes chance from the equation and provides a permanent banking solution that caters to the Indian diaspora,” says Swain. Swadesh guarantees quick cross-border transfers, custom VISA debit cards, and bespoke 24/7 customer support. In contrast to traditional U.S. banking, Swadesh solves for barriers to access and prosperity that Indian expats contend with when building their financial futures in the United States.

“Barriers to access for Indians banking in the U.S. include a lack of financial history and antecedents in the United States, unfamiliarity with banking and taxation codes especially in terms of visa or immigration status, and language barriers that can prove exclusionary to Indians. Through Swadesh, we sidestep those barriers to provide best in-class banking and support, and take a real interest in the success of our customers through Swadesh Club (our desi networking platform) and product features such as subsidized U.S. SIM cards.”

The company has secured multiple banking partnerships in both the United States and India to facilitate pro-consumer innovation and provide Indians equitable access to the U.S. banking system.