nsave, the provider of “compliant” accounts abroad to people from countries with high inflation, announced the launch of an investment product, enabling people at risk of financial exclusion to “protect and grow” their wealth.
The company confirmed an $18mn Series A investment led by TQ Ventures with participation from the following entities: Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation, to “accelerate their growth.”
Customers can access US equities, ETFs and soon funds managed by some of the world’s largest asset manager launchers “via the nsave app, subject to onboarding and compliance checks.”
By working with regulated FIs and banking partners in the United Kingdom and Switzerland, nsave offers safe and compliant accounts abroad, democratizing offshore services to people that are said to be “affected by high inflation or economic uncertainty in their home countries.”
nsave’s customers include professionals who move abroad and then tend to face outdated compliance processes due to their “country of birth, alongside people from high inflation economies, who fear their life savings will be wiped out.”
Based in London and Geneva, nsave is reportedly being led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.
nsave CEO Amer Baroudi said:
“Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too. For some of our customers, this is the first time they can access trusted investment services securely. We believe your passport shouldn’t determine your path to prosperity. Our compliance-by-design approach enables us to offer services safely to many more people.”
TQ Ventures co-founder and co-managing partner, Schuster Tanger, said:
“nsave is tapping into a massive market of individuals underserved by existing financial services who need secure, stable financial solutions. From the outset, I was impressed by nsave’s unique approach and the strength of their team, no doubt a function of Amer and Abdallah’s own lived experience of these challenges. We’re thrilled to roll up our sleeves with nsave to create a more inclusive financial system.”