Hummingbird Ventures leads seed round to raise $5.8M for Vance, a global neobank platform.

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Vance, a global neobanking platform, has raised $5.8million (approx Rs 47crore) in a seed round, led by Hummingbird Ventures. Participation from Global Founders Capital and YCombinator, Soma Capital, and seasoned angels like Gokul Rajaram and Alan Rutledge were also included.

Vance was founded in 2022 by Parth, a Stanford graduate. It is a platform for all banking that allows users to manage multiple accounts, exchange currencies and invest in equities across different markets.

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Parth was inspired to create Vance after he moved from the US to India eight months ago. He had a good credit record in the UAE and the US, but it was difficult to get a credit card. He manages accounts in four countries. He realized that millions of people share his problems and set out to find a solution.

“Banking and payments has advanced by leaps and bounds in the past decade, but international transactions still rely on outdated systems. It’s time to completely rethink global banking. A global bank is more important than ever with an increasing global population,” stated ParthGarg, CEO and Founder of Vance.

The startup claims it is different from others because it allows users transact with local rails in other countries. It allows users to simultaneously use direct debits in the US and seamlessly leverage India’s UPI railways through one account.

Vance allows international travelers to spend like locals. Migrants can send personal money to their home country at live rates and cross-border freelancers may receive payments without having to pay large commissions.

Vance stated that it was part of Y Combinator’s Winter 2022 batch. The startup plans to go live in the UAE by 2022. The startup plans to launch its services into five more countries by Q1 2023.

It plans to use the capital raised to increase its 10-member team by 30 over the next six-months and to create products such as remittances and savings accounts.

Akshay Viela,Asia Lead at Hummingbird Ventures said, “In Vance we’ve seen relentless execution and a culture that excels and a willingness build a formidable financial tech company. Parth and his team are constantly challenging the status quo, and they have the right people to make a difference for expats around the world.

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