Swadesh, a cross-border fintech firm has raised $2.25 million in its pre-seed funding round from Khosla Ventures, 8VC, Y Combinator, and Section32.
The startup plans to use the funds to enhance customer acquisition and expand its product suite of NRI-focused financial products, including NRE/NRO accounts.
The New Delhi-based Swadesh was founded in 2019 by Prateek Swain, It allows Indian students and expatriates traveling to the United States to set up secure banking infrastructure and initiate cross-border transfers and transactions ahead of time.
From personal experience, Prateek felt that existing financing options such as forex cards can be extortionate and unreliable and that Homeland disrupts that market while providing a better banking solution in the United States.
“Availability of funds is essential during relocation, and Swadesh is the only option that removes chance from the equation and provides a permanent banking solution that caters to the Indian diaspora,” said, Prateek Swain, founder of Swadesh.
The startup guarantees instant cross-border transfers, custom Visa debit cards, and bespoke 24/7 customer support. Unlike traditional US banking, it addresses barriers to access and prosperity for the Indian diaspora while building their financial future in the United States.
“Barriers to access for Indians banking in the U.S. include a lack of financial history and antecedents in the United States, unfamiliarity with banking and taxation codes especially in terms of visa or immigration status, and language barriers that can prove exclusionary to Indians. Through Swadesh, we sidestep those barriers to provide best in-class banking and support, and take a real interest in the success of our customers through Swadesh Club (our desi networking platform) and product features such as subsidized U.S. SIM cards”, he added.
The startup has secured several banking partnerships in both the United States and India to facilitate pro-consumer innovation and to provide Indians with equal access to the US banking system.
Y-Combinator-backed neobank for the global Indian. Open a US checking account digitally in India. No SSN. No fees. No paperwork.