nsave, a provider of compliant accounts abroad to people from countries with high inflation, announced launching an investment product, enabling people at risk of financial exclusion to protect and grow their wealth. The company also confirmed an $18 million Series A funding led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation to drive their growth.
Through the nsave app, customers can access US equities, ETFs, and soon funds managed by some of the world’s largest asset managers via the nsave app, subject to onboarding and compliance checks. And by working with regulated financial institutions and banking partners in the UK and Switzerland, nsave offers safe and compliant accounts abroad, democratizing offshore services to millions of people affected by high inflation or economic uncertainty in their home countries.
nsave’s customers include young professionals who move abroad, face exclusionary and outdated compliance processes due to their birth country, and people from high-inflation economies who fear their life savings will be wiped out. Based in London and Geneva, nsave is led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.
KEY QUOTES:
“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.”
– nsave CEO Amer Baroudi
“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.”
– TQ Ventures co-founder and co-managing partner Schuster Tanger
