Adro, a New York-based fintech company, has successfully raised $1.5 million in pre-seed funding to tackle the financial obstacles encountered by international students and workers upon their arrival in the United States. This funding round was spearheaded by Era, with contributions from Ex Nihilo Ventures and the Cornell Tech Syndicate. The initiative addresses a critical gap in the financial services available to newcomers, who often find themselves without access to basic banking services due to the lack of a Social Security Number or an established credit history in the U.S.
The challenges faced by these individuals are multifaceted, affecting their ability to manage finances, secure housing, and cover daily living expenses. Amarildo Gjondrekaj, CEO and Co-founder of Adro, highlighted the company's commitment to easing these challenges by providing essential financial tools from the moment of arrival. Adro's offerings will include checking and savings accounts, debit and credit cards, and partial reimbursement for international money transfers, alongside the opportunity to start building credit immediately.
Beyond financial products, Adro is set to collaborate with university student services and international student offices to deliver educational resources aimed at enhancing financial literacy and safeguarding against scams. Jasper Lau, CEO at Era, praised Adro's potential to significantly impact the lives of many by increasing access to banking services for an underserved market. The funding will primarily support the expansion of Adro's engineering team and the acceleration of platform development, ensuring a nationwide launch. For those interested, more information is available at www.joinadro.com.
