Aeldra, the U.S.-based fintech start-up, is offering U.S. bank accounts to Indians without a social security number or a U.S. address. By using an app, one can open a bank account in the U.S. with an Indian passport and other documents.
“The future of banking is global, and the future is now. Aeldra is making it real. To access global banking, the simple act of opening a U.S. bank account without a social security number is challenging for customers, let alone getting approved for a U.S. credit card or loan. Globally-mobile and affluent individuals across the world deserve more. With Aledra they can now open a Federal; Deposit Insurance Corporation-insured U.S. bank account with a Global Mastercard Debit card from their home country in a few minutes. After the U.S., Canada and U.S. are other major markets. Aeldra intends to serve a common pool of overseas professionals, students, families, investors, small business owners, and freelancers with banking and investment needs in those markets,” said Sukeert Shankar, the founder, and CEO of Aeldra.
Aeldra is a neo bank meaning it does not have a banking license. With the support of established banks, it offers banking services. By using technology and machine learning, neo banks offer better solutions than traditional banks. Aeldra has partnered with Blue Ridge Bank, according to a company release.
Aeldra is targeting customers who want to invest in the U.S. and Mr. Shanker pointed out that there are many Indians who invest in the U.S. for different reasons. “They may want to take an exposure to the market or could be traveling to the country for business or because they have relatives there,” he added.
On the offer for customers are a high-yield savings account, dedicated concierge, investment and trading facility, credit card, and home loans.