The financial services industry can be a complex and challenging landscape to navigate, especially for newcomers to a country. International students and workers in the United States often face a multitude of hurdles when it comes to opening bank accounts, credit cards, and accessing other essential financial services. This is primarily due to the lack of a Social Security number and a credit history in the US.
A new financial technology company called Adro is aiming to bridge this gap and make financial services more accessible for this specific demographic. Adro offers a suite of banking solutions designed to meet the needs of international students and workers, including checking and savings accounts, debit cards, and credit cards.
Here’s a more detailed breakdown of what Adro brings to the table:
- Simplified Account Opening Process: Unlike traditional banks, which often have lengthy application processes and strict requirements, Adro streamlines the account opening process for international students and workers. They can sign up for an Adro account online before they even arrive in the United States, eliminating the need to visit a physical branch.
- No Social Security Number Required: One of the biggest obstacles for international newcomers is the requirement of a Social Security number to open a bank account. Adro understands this challenge and does not require a Social Security number for account opening.
- Fast Access to Funds: Adro offers a debit card that can be used immediately upon account activation, allowing international students and workers to start making purchases and managing their finances as soon as they land in the US.
By removing these traditional barriers, Adro is making it easier for international students and workers to integrate into the US financial system. This can be particularly beneficial for those who need to pay rent, tuition fees, or other bills, or simply want to build a credit history in the US.
Adro’s Funding and Future Plans
Adro recently closed a pre-seed funding round of $1.5 million. This funding will be used to further develop their banking platform, expand their team, and launch their services later in 2024. The company has ambitious plans to operate nationwide, providing their services to international students and workers across the United States.
The Rise of Neobanks and Financial Inclusion for Immigrants
Adro is part of a growing trend of neobanks, or digital-only banks, that are emerging to challenge traditional financial institutions. Neobanks often cater to specific demographics or niches, and Adro’s focus on international students and workers is a prime example of this targeted approach.
The rise of neobanks like Adro is a positive development for financial inclusion. By offering innovative and accessible financial products and services, these companies are helping to bridge the gap between traditional banks and underserved communities. In the case of Adro, their services can be particularly helpful for international students and workers who are new to the US financial system and may not be familiar with the complexities of traditional banking.
Overall, Adro’s emergence as a fintech company specifically designed to serve international students and workers in the US is a welcome development. Their focus on streamlining the account opening process, eliminating the need for a Social Security number, and providing immediate access to funds through debit cards addresses some of the key challenges faced by this demographic. With their recent funding and plans for a nationwide launch, Adro is poised to make a significant impact on financial inclusion for international students and workers in the US.
