Adro, a New York-based fintech company, has secured $1.5 million in pre-seed funding to tackle the financial difficulties encountered by international students and workers when they arrive in the United States. The funding round was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate. International newcomers frequently face barriers to basic banking services because they lack a Social Security Number or an established credit history in the U.S. This situation complicates financial management, securing housing, and covering living expenses.
Amarildo Gjondrekaj, CEO and Co-founder of Adro, highlighted the company's objective, noting, 'We're giving students the financial tools they need to get settled in, and making it accessible the moment they get off the plane.' Adro intends to provide checking and savings accounts, debit and credit cards, and partial reimbursement for international money transfers. The platform will also allow customers to begin building credit from their arrival date in the U.S. Through collaborations with university student services and international student offices, Adro plans to deliver extensive educational resources to enhance financial literacy and prevent scams.
Jasper Lau, CEO at Era, remarked, 'In increasing access to banking services for a hugely underserved market, Adro has the potential to make a real impact on people's lives. When financial literacy increases, everyone wins. We look forward to supporting Adro as they scale.' The funding will support scaling Adro's engineering team and accelerating platform development. Adro will launch operations in all states and districts in the U.S., and interested individuals can join the waitlist at https://www.joinadro.com.
