By Zoran Temelkov June, 2022
Neobank Aeldra received support in its second investment round from Greg Kidd, an early Twitter investor. The Silicon Valley fintech startup focuses its business model around the Banking-as-a-Services (BaaS), providing access to banking services to Indians without Social Security Number or Visa.
Aeldra’s clients can use a single account for their banking and investment needs with lower fees compared to similar products offered by traditional banks.
The company was incorporated in 2019 and launched in the first quarter of 2021 in the U.S. and India, with a U.S. bank account. Aeldra offers its services through a partnership with Blue Ridge Bank, founded in 1893. Aeldra neobank also offers Aeldra Mastercard Debit Card to its clients, issued by its partner bank with a license from Mastercard.
Aeldra deposit accounts are insured for up to $250,000 through its partnership with Blue Ridge Bank, a FDIC member (Federal Deposit Insurance Corporation). The neobank operates in compliance with U.S. Regulations and Indian Government Regulations.
