Bangalore based neobank which aims to help immigrants in the US gain access to financial services raised $40m in Series A funding led by DST Global.
“Our basic value proposition is a credit card. Other than a credit card, you also get a local bank account and a debit card. We never expected our customers to deposit money to their bank accounts. And we thought even if someone deposits money, it would probably be a few hundred or thousand dollars. What we saw is that people are depositing tens of thousands of dollars and using this account as their primary bank account,” he said. “We are currently sitting on a deposit of $2 million.”