A Vance account enables users to conduct transactions using local rails in several nations, unlike multi-currency wallets. The objective is to make it possible for consumers to use US direct debit while effortlessly utilising India's UPI rails through the same account
Global neo-banking platform Vance has secured $5.8 million in a seed round led by Hummingbird Ventures, Global Founders Capital, YCombinator, Soma Capital and seasoned angels such as Alan Rutledge and Gokul Rajaram also participated in the round.
A Vance account enables users to conduct transactions using local rails in several nations, unlike multi-currency wallets. The objective is to make it possible for consumers to use US direct debit while effortlessly utilising India's UPI rails through the same account. Parth Garg founded Vance in 2022 with the intention of revolutionising how people interact with financial services worldwide. Their goal is to create a comprehensive banking platform that will enable customers to manage multiple accounts, trade currencies, and eventually invest in stocks globally.
Parth Garg, Founder and CEO, Vance, stated, "Banking and payments have come in 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."
The platform aims to build a borderless banking account that opens up realms of using banking products that are currently not possible. Vance will let people bank in any country through just one interface.
Vance was a part of YCombinator’s Winter 2022 batch and plans on going live in the UAE and UK by the end of the year. By Q1 2023, the company intends to offer the service to five additional countries. The startup aims to leverage their seed round to expand its team from 10 members to a 30-member team in the next 6 months. The company will use the fund to create products like remittances, savings accounts, and investments.