Fintech Startup Adro Secures $1.5 Million to Address Banking Challenges for International Students and Workers
TL;DR
Adro secures $1.5M pre-seed funding round to provide financial services for international students and workers, giving them a competitive advantage in accessing banking services.
Adro offers checking and savings accounts, as well as debit and credit cards, with a planned launch for later this year, addressing the methodical needs of newcomers to the U.S.
Adro's mission to help internationals unblock access to financial services and provide educational resources has the potential to make a real impact on people’s lives, creating a better world for newcomers.
Adro, a New York-based fintech, is making financial services more accessible for international students and workers, backed by investors who deeply believe in equal access and opportunity.
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Adro, a New York-based fintech company, has secured $1.5 million in pre-seed funding to address the financial challenges faced by international students and workers upon arrival in the United States. The funding round was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate. Without a Social Security Number or established credit history in the U.S., newcomers often struggle to access basic banking services, making it difficult to manage finances, secure housing, and cover living expenses. Amarildo Gjondrekaj, CEO and Co-founder of Adro, emphasized the company's mission, stating that they are giving students the financial tools needed to get settled in and making it accessible the moment they get off the plane.
Adro plans to offer checking and savings accounts, debit and credit cards, and partial reimbursement for international money transfers. Additionally, the platform will enable customers to start building credit from their arrival date in the U.S. Through partnerships with university student services and international student offices, Adro aims to provide comprehensive educational resources to improve financial literacy and prevent scams. Jasper Lau, CEO at Era, noted that in increasing access to banking services for a hugely underserved market, Adro has the potential to make a real impact on people's lives, adding that when financial literacy increases, everyone wins.
The funding will be used to scale Adro's engineering team and accelerate the development of the platform. Adro will operate in all states and districts in the U.S. at launch, and interested individuals can join the waitlist at https://www.joinadro.com. This initiative addresses a significant gap in financial services for international populations, potentially easing the transition for thousands of newcomers each year. By providing essential banking tools from day one, Adro could reduce financial stress and improve economic integration for those starting their lives in a new country. The company's focus on financial education through institutional partnerships further strengthens its approach to serving this demographic effectively.
Curated from News Direct
