Amer Baroudi and Abdallah AbuHashem, two Rhodes Scholars with a wealth of banking, regulatory compliance, and fintech experience who first met at the University of Oxford, co-founded nsave.

Through the use of an easy-to-use software, consumers who live in unstable economies and experience excessive inflation can safeguard their money by accessing secure accounts from nsave. In order to ensure compliance with the strictest banking regulations, such as anti-money laundering and counter-terrorist financing laws, as well as procedures for identifying and verifying a client's identity when opening an account—also known as Know Your Client, or KYC—the Company has also developed a proprietary monitoring transaction tool.

"The global banking system will discriminate against you and label you as a "high risk client" and in most cases refuse to serve you simply because of where you come from," Mr. Baroudi stated. "The reality is that if you come from a distressed country, the system will not work with you." "I have personally experienced the effects of that unjust exclusion, and my loved ones have suffered as a result. In order to serve those who sorely need access to safe financial services while ensuring regulatory compliance, we had to take action and develop a better, more inclusive method of risk assessment.

Mr. Baroudi is a seasoned businessman who has built several award-winning software companies. He also co-founded and scaled a social venture that helps thousands of individuals in communities ravaged by conflict. Having studied as a Rhodes Scholar at the University of Oxford, he holds two degrees and is a specialist in governance, policy, and financial regulations. Amer found it difficult to obtain secure banking after fleeing Syria. He started nsave after witnessing and experiencing the effects of unjust financial exclusion.

At nsave, Abdallah AbuHashem is the CTO. He worked for various tech businesses, such as Microsoft and Robinhood, before co-founding the business. AbuHashem has received numerous distinctions and awards, such as the George E. Forsythe teaching award from Stanford University's computer science department, where he also completed his master's degree and bachelor's degree. His most recent academic accomplishment was a master's degree in social science of the internet from Oxford University, where he studied technology workers and ethics.
 

Mr. Baroudi stated, "We are appreciative of the faith our investors have shown in us and our vision." "With this investment, we will be able to enable the middle class in struggling economies access secure financial services more quickly. The goal of nsave is to offer accessible financial services to everyone while guaranteeing accessibility devoid of bias.

The money raised from the seed round will be used to build up nsave's operations and engineering departments, as well as to bring its successful beta program to thousands more users.

George Robson, a partner at Sequoia Capital, remarked, "Developing a global product compliant with strict financial regulations is not an easy task, not to mention building partnerships with banks - yet the nsave team have done just that." With the launch of nsave, customers now have a reliable way to guard against the rapid inflation of struggling economies, offering secure, safe offshore accounts to those who most need them.

The company stated that because of financial exclusion, unstable local banks, and inflation, over 700 million consumers in developing nations lack access to safe financial services and cannot safeguard the value of their money. These people don't have access to secure financial goods like foreign accounts, which are usually only available to wealthy people.

Mr. Baroudi went on, "Lebanon, for example, provides no safe solutions for financial security with its startling 137.8% inflation rate, over 90% currency devaluation, and $400 monthly withdrawal limits. An estimated 80% of people are thought to live below the poverty line as a result of this financial instability, with 36% living in extreme poverty.

"Many of us ignore these difficulties. For the vast majority of people worldwide, basic financial benefits that are taken for granted in high-income countries are luxuries. Tragic events and heartache follow: parents are left stuck outside hospitals as a result of their money losing value due to inflation and their inability to transmit payments overseas, and youngsters are forced to give up on their studies. These tragedies aren't caused by a lack of money; rather, it's the inability to access their money. By utilizing our unique technologies and modifications to the legal environment, nsave can improve thousands of people's lives. Mr. Baroudi came to an end.