Funding Alert

Fintech startup Swadesh raises $2.25 mn in Pre-seed funding led by Y Combinator, others

• ByStartupStory     |    July 14, 2022

Khosla Ventures, 8VC, Y Combinator, and Section32 contributed $2.25 million to the pre-seed fundraising round of the international financial company Swadesh. The startup intends to utilise the money to increase client acquisition and broaden the range of NRI-targeted financial products it offers, such as NRE/NRO accounts.

Prateek Swain, the company’s founder said, “Having access to money is crucial during migration, and Swadesh is the only choice that eliminates chance and offers a long-term banking solution that serves the Indian diaspora.”

He further said, “Lack of financial history and antecedents in the United States, unfamiliarity with banking and taxes rules, particularly in terms of visa or immigration status, and language problems that may exclude Indians are among the obstacles that prevent Indians from accessing banking in the United States. We get over such obstacles with Swadesh to offer best-in-class banking and assistance, and we genuinely care about our clients’ success through Swadesh Club (our desi networking platform) and product features like subsidised U.S. SIM cards.”

The start-up promises quick international transfers, personalised Visa debit cards, and personalised, round-the-clock customer service. To support pro-consumer innovation and give Indians equitable access to the US financial system, the firm has secured multiple banking agreements in both the US and India.

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About Swadesh:

Prateek Swain, a Princeton University alumni started the Swadesh company in New Delhi in 2019. It enables Indian students and ex-pats heading to the US to set up safe banking infrastructure and start cross-border transfers and transactions in advance. Unlike conventional US banking, it helps the Indian diaspora overcome obstacles to access and success while securing their financial future in the country.

 

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