U.S.-Based Neobank & Financial Services Platform Fair Secured $20 Million; Announces Early Bird Access & Official Public Launch


Fair, a multilingual neobank and financial services platform, announced on Tuesday it secured $20 million and is planning to open early bird membership enrollment in March, with a public launch in April. 

Fair describes itself as a pro-consumer, equity-based, mobile-first alternative to traditional banking. The company stated it believes banking should be trustworthy and transactions transparent. Interest-free loans for our members and shared equity in principled investments are just a few of the ways Fair delivers ethical banking solutions.

We offer all the services you expect from a bank — debit cards, savings, and bill payments — only without added fees and fine print. Digital banking services with a human touch.”

Fair claims that it prides itself on ethical, transparent banking and eliminates all banking fees via a membership model with offerings including, but not limited to:

  • Free account-to-account international money transfers
  • Free ATMs and teller services and conventional banks and retail outlets
  • Early access to paycheck funds (two days)
  • Instant, interest-free microloans (buy now pay later at the register)
  • Interest-free loans for home, auto, and business (all loans are equity-based)
  • Debit card accounts for kids
  • Up to 2% annual dividend account
  • Available in English, Spanish, and Arabic

While sharing more details about the platform’s offering, Khalid Parekh, Founder and CEO of Fair, stated:

“Understanding complex fee structures and the fine print is difficult for many people born in the U.S. Qualifying for a business loan is impossible for an immigrant with no credit history. Falling into a cycle of debt is inevitable with high-interest loans. Part of the vision for Fair is to address these inequities.”

To join, members will pay a one-time annual or monthly membership fee based on their preference. Fair banking services are provided by Coastal Community Bank, Member FDIC and will offer MasterCard Debit Card.

Sponsored Links by DQ Promote



Send this to a friend