Cross-border neobanking platform Vance raised $5.8 million in seed led by Hummingbird Ventures

October 3, 2022

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Cross-border neobanking platform Vance raised $5.8 million in seed led by Hummingbird Ventures where Global Founders Capital, Y Combinator, Soma Capital and angel investors Alan Rutledge and Gokul Rajaram also participated.

Vance began as a recurring revenue-based financing platform before pivoting to a cross-border neobanking platform. The fintech startup intends to use the funds to expand its international banking operations and launch in the UAE and the United Kingdom by December 2022. The global neobanking market is expected to grow at a CAGR of 47.7% to $722.6 billion by 2028. Neobanking startups raised nearly $869 million in funding between 2014 and H1 2022. Niyo, Open, Freo, and others are among the key players.

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