Published on January 14, 2025 at 11:56. / Modified on January 14, 2025 at 11:59.
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In financial jargon, this is called “offshore banking”, or banking services provided to foreign nationals. A variant of these services is well known in Switzerland: wealth management, which allows people from the rest of the world to deposit their funds in white cross banks. But this privilege is essentially reserved for (very) wealthy clients. In practice, banks in developed countries are, on the contrary, extremely reluctant to open accounts for ordinary citizens from unstable jurisdictions or those considered risky. This is what Nsave, a start-up based in Geneva and London, wants to change by allowing individuals systematically rejected by traditional banks to hold accounts in hard currencies, in particular to protect their savings from inflation.
Launched in March 2024, the company supported by Fongit has just raised $18 million from major international investors, including the private equity giant Sequoia Capital, and the Swiss. This money will be used to launch investment solutions to grow its customers’ savings.
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