Financial exclusion has been a constant theme in my life. When the war broke out in Syria, my family lost everything - our home, safety, and the savings my parents had worked so hard to build. We thought we’d never have to face that kind of loss again, but when Lebanon’s economy collapsed, it happened all over again. Twice in my lifetime, I watched my family’s financial security disappear overnight.
Later when I moved abroad, opening a safe bank account still seemed impossible as banks labelled me as a "high-risk client" solely because of where I come from.
This is a reality for 700 million people globally who come from distressed economies where inflation is high and banking is broken. During my research, I was struck by the level of security that Swiss private banks provide to the wealthy. What if we could democratise that access in a compliant and safe manner for those who desperately need it? Millions of lives could change, and both local and global economies could flourish. That was the spark behind nsave.
Tell us about the business – what it is, what it aims to achieve, who you work with, how you reach customers and so on?
nsave’s mission is to empower people from distressed economies by giving them access to safe and stable financial systems. Based in London and Geneva, we provide our customers with safe and compliant access to hard currency accounts and payment services. We’ve built proprietary compliance technology that enables us to provide access to people who come from distressed economies. My co-founder and CTO, Abdallah AbuHashem, had experienced challenges too. We’d both been Oxford University Rhodes Scholars. If this is what we faced, we knew there were millions like us. We are building nsave to become the platform that enables people, especially those who are born in unlucky places, to protect and grow their wealth.
How has the business evolved since its launch?
Since our launch in March 2024 and our seed round, we started to see incredible organic uptake from users, validating that we are building a product that people need. We are listening to our customers and adding features to improve the user experience. We love to receive messages from our users and have developed a strong community who not only benefit from the app, but see the vision behind why nsave exists.
Since day one we’ve believed that strong compliance innovation is core to connecting underserved communities to the global economy. We want to give people access to the tools that would empower them to go where they want to go and build the lives they deserve to have.
Tell us about the working culture at nsave?
Our team is insane - or dare I say “nsane”. They’re impressive, hardworking, and genuinely wonderful human beings. We face challenges with a smile because we know who we’re here to serve. Building an exceptionally capable team that is mission driven has not been easy, but I can confidently say that building the nsave team and culture is one of the things I am most proud of.
How are you funded?
We recently announced an $18M Series A, led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton among others.
What has been your biggest challenge so far and how have you overcome this?
Delivering what many believed to be impossible has not been easy. We’ve had to navigate complex regulations and legacy financial systems that are resistant to innovation. Plus, we were a tiny team when we experienced our first wave of user demand after our launch - it was all hands on deck! Each of these obstacles has only reinforced my belief that what we’re doing is essential.
How does nsave answer an unmet need?
For some of our customers, nsave represents the first time they can confidently participate in vital financial activities, bridging a gap that had long (and unfairly) excluded them from economic opportunities and fostering resilience, as well as independence in their financial lives.
The other day, I had a conversation with one of our users, a talented software developer, who shared how her lack of access to a stable financial account had held her back for years - costing her countless job opportunities simply because she couldn’t receive payments securely. When she finally opened an nsave account, that changed. She was able to land her dream remote job with a prestigious US company, earn in hard currency, and provide for her family. For our users, financial inclusion isn’t just about access, it is about unlocking a future that had been out of reach. Stories like that are why we’re here: to give people the means to build the lives they deserve and dreams they aspire to have.
What’s in store for the future?
We have features in the works that I’m excited to ship. Every product update we’re working on is based on feedback we’ve received from our users. Our mission has always been to help people protect and grow their wealth. Today we are delivering the first part, the second part is what lies ahead.
What one piece of advice would you give other founders or future founders?
Don’t do it. Unless you really have a good reason to do what you want to do. You’ll need that sense of purpose to get through the hurdles. This is particularly relevant for anyone who wants to build a daring and legendary company.
And finally, a more personal question! What’s your daily routine and the rules you’re living by at the moment?
No two days are the same. Things are moving at lightning speed and every day presents new challenges and exciting developments. If I had to choose one rule to live by, it would be: always do the right thing, especially when it is difficult to do so. I believe true character is revealed by actions and decisions when faced with a difficult situation or challenge.
Amer Baroudi is the cofounder and CEO of nsave.
