The startup has ambitions to expand its international banking and operate in countries like the UAE and UK by December 2022.
The neobanking startup is headquartered in Bengaluru and is just eight months old. It has managed to raise $5.8 Mn in a seed round of funding which was led by Hummingbird Ventures but also saw participation from Global Founders Capital, Y Combinator, Soma Capital and angel investors Alan Rutledge and Gokul Rajaram.
About the founder:
Vance was founded by Parth Garg, who decided to drop out of Stanford University to build Vance. He had also founded and was the CEO of Grocamie and Up2 Inc. and was associated with them for a brief period of time. He announced through his social media account the news of the funding on Tuesday.
“I am proud to announce that Vance (YC W22) has raised $5.8 million in our Seed round, led by Hummingbird Ventures, Y Combinator, Global Founders Capital and Soma Capital! Looking forward to our partnership! Akshay Mehra Roel Janssen Aneel Ranadive”.
The startup plans to begin its functioning in five more countries and expand its team from 10 to 30 in the next six months within the first quarter of 2023. It aims to bring products like remittances, savings accounts, and investments.
Founder Parth Garg stated that “Banking and payments have come leaps and bounds over the last decade, but when it comes to international transactions, we still run on archaic systems. It is time to rethink global banking from the ground up,”
Parth Garg has experience of cross-border banking difficulties as he worked as an Investment Professional at Shorooq Partners and as an Investment Banking Analyst and Investment Banking Analyst at Alpen Capital. The fintech firm has achieved tremendous success in the span of 8 months.