Adro is a company that offers no-fee checking and savings accounts and credit cards for internationals. Pulse 2.0 interviewed Adro co-founder and CEO Amarildo Gjondrekaj to learn more about the company.
Amarildo Gjondrekaj’s Background
What is Amarildo Gjondrekaj’s background? Gjondrekaj said:
“I’m the CEO and co-founder of Adro, and alongside my co-founders Sara Schmitt (COO) and Kevin DeArmond (CTO) we’re making financial services like checking, savings and credit more accessible for international students and workers.”
“Prior to founding Adro, I spent close to 7 years with Mastercard and another 2 with Harness, a nonprofit-focused fintech. I’m also a lecturer at several New York-area universities, including Cornell Tech.”
Formation Of Adro
How did the idea for the company come together? Gjondrekaj shared:
“The problem that internationals faced with getting access to banking products kept coming up in my classes. Students were being heavily vetted by the school before being given an acceptance offer. The US government vets them before issuing a visa.
“However, banks and other financial institutions don’t have access to the individual’s background, so internationals were largely invisible to them. This isn’t a legal issue. It’s an information problem.
“I saw a lot of the challenges international students faced with accessing financial services compared to domestic students. From opening their first account to building credit while waiting for the arrival of their Social Security number, internationals were cobbling together solutions from multiple vendors. As a first-generation immigrant from Albania, I could empathize with the struggle my students were up against.”
Core Products
What are the company’s core products and features? Gjondrekaj explained:
“Adro helps internationals establish their lives in the US. In other words, think of us like a financial on-ramp. We give access to checking and savings accounts, a credit card and global money transfers, plus a marketplace of immediately useful partner services and products like SIM cards, insurance, and other discounts.”
Challenges Faced
What challenges have Gjondrekaj and the team faced in building the company? Gjondrekaj acknowledged:
“We’re really fortunate in that the world of education is relatively stable, and some programs, like graduate business degrees, are actually counter-cyclical. People go back to school when the economy is down.”
Significant Milestones
What have been some of the company’s most significant milestones? Gjondrekaj cited:
“We recently announced our $1.5 million pre-seed funding round, which was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Gjondrekaj assessed:
“We’re looking at international students and workers, with a $37 billion total addressable market.”
“There were over 1 million total international students in the 2022/2023 academic year, which breaks down to about 300k new students coming in annually.”
Differentiation From The Competition
What differentiates the company from its competition? Gjondrekaj concluded:
“We work with internationals before they arrive in the US and pre-collect their information. This allows us to support them from the day they enter the country, with everything they need to start spending, saving and getting settled in.”
“Adro partners with organizations that are invested in the success of internationals. We work closely with universities and employers to provide account access and improve financial literacy.”
“We’re different from larger banks and fintechs that mainly serve US citizens and permanent residents, in that we don’t require an SSN (Social Security number) or credit history to apply for an account.”
