Adro, a New York-based technology company focused on providing financial services to international students and workers in the United States, has secured an additional $500,000 in pre-seed funding. This investment increases the company's total pre-seed round to $2 million, representing a significant development in its growth trajectory. The funding round included contributions from Empire State Development's NY Ventures, the state's venture capital arm, and Jim Wiseman, President of Margaritaville Development, with additional investment from Era, founded by Jasper Lau.
Amarildo Gjondrekaj, CEO and Co-founder of Adro, emphasized the company's dedication to serving traditionally underserved and underbanked international populations. His personal connection to this mission stems from his family's immigrant experience, having moved to New York from Albania over twenty years ago. Hope Knight, Empire State Development President, CEO, and Commissioner, highlighted the importance of supporting inclusive entrepreneurship, noting that Adro represents the type of innovative company that creates economic opportunities for underserved communities while contributing to New York's entrepreneurial ecosystem.
Adro plans to launch US dollar business accounts next month, enabling international companies to expand their US presence. These deposit-insured accounts will help non-US companies establish themselves in the United States, obtain an Employer Identification Number (EIN), and accept US card payments. The company has also seen individual achievements, with Co-founder and COO Sara Schmitt recently being accepted into the Nasdaq Entrepreneurial Center Milestone Makers program, a prestigious initiative supporting entrepreneurs in achieving key business milestones.
The company's recent funding and strategic initiatives demonstrate its commitment to breaking down financial barriers for international students and workers, providing critical access to checking, savings, and credit services in the United States. This development matters because it addresses a significant gap in financial services for international populations, who often face challenges accessing basic banking services when moving to or operating in the United States. The implications extend beyond individual financial access to broader economic integration, as international companies can more easily establish US operations through services like those offered at https://www.adro.com, potentially creating jobs and contributing to economic growth.
By securing funding from entities like Empire State Development's NY Ventures at https://esd.ny.gov/ny-ventures, Adro gains not only capital but also institutional support that validates its mission and approach. The involvement of investors like Jim Wiseman of Margaritaville Development adds strategic expertise in development and operations. The timing of this funding is particularly important as global mobility increases and more international students and workers seek opportunities in the United States, creating growing demand for specialized financial services that traditional banks often don't adequately provide.
The launch of US dollar business accounts represents a strategic expansion of Adro's services, moving beyond individual accounts to serve international businesses seeking to enter the US market. This development could facilitate smoother market entry for foreign companies, potentially increasing international investment and business activity in the United States. The company's focus on both individual and business services creates a comprehensive approach to serving international communities' financial needs, addressing barriers that have historically limited economic participation and integration for these populations.
