Vance, a cross-border neobanking platform operated by Vance Techlabs Pvt Ltd, has raised $5.8 million (Rs 46.8 crore ) in a seed funding round led by Hummingbird Ventures.

Soma Capital, Global Founders Capital, YCombinator, and seasoned angels such as Alan Rutledge and Gokul Rajaram also participated in the funding round.

As per the startup, the raised funds will be used to develop its international banking vertical and go live in the United Arab Emirates (UAE) and the UK by December 2022.

It plans to enter five countries and grow its team to 30 in the coming 6 months, presently working with 10 members. The neobanking platform will also focus on building products like remittances, savings accounts, and investments. 

Vance | Global Neobanking Platform

Founded by Stanford dropout Parth Garg in 2021, Vance is a cross-border neobanking platform connecting banking infrastructure around the globe to bring a unified experience for its users.

Speaking about the development, Parth Garg, Founder and CEO of Vance,

“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. With an increasing global population, a global bank is the need of the hour.”

Changing the way global citizens engage with financial services, Vance envisions a world where you don’t need multiple bank accounts in multiple countries to be financially included in an ecosystem. 

The cross-border neobanking platform aims to build a borderless banking account which will allow users to seamlessly manage separate accounts, exchange currencies, and eventually invest in equities across markets.

Vance was a part of YCombinator’s Winter 2022 batch. The neobanking platform plans on going live in the UAE and UK by the end of 2022. And by Q1 2023, the platform aims to launch in five additional countries.

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