Adro, a New York-based fintech startup, has successfully raised $1.5 million in pre-seed funding to tackle the financial barriers 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, marking a significant step forward in addressing the financial exclusion faced by newcomers.
The core issue Adro aims to solve is the lack of access to basic banking services for individuals without a Social Security Number or an established credit history in the U.S. This gap often leaves international students and workers struggling to manage their finances, secure housing, and cover daily expenses. Amarildo Gjondrekaj, CEO and Co-founder of Adro, highlighted the company's commitment to providing immediate financial solutions, stating, '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's platform is set to offer a range of services including checking and savings accounts, debit and credit cards, and partial reimbursement for international money transfers. A standout feature is the opportunity for customers to begin building their credit history from their very first day in the U.S. Furthermore, through collaborations with university student services and international student offices, Adro plans to deliver extensive educational resources aimed at enhancing financial literacy and safeguarding against scams.
Jasper Lau, CEO at Era, commended Adro's initiative, noting, '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 secured funding will primarily be allocated to expanding Adro's engineering team and accelerating the platform's development. At launch, Adro will extend its services across all U.S. states and districts, with interested individuals encouraged to join the waitlist at www.joinadro.com.
This development is not just a win for Adro but represents a broader shift towards inclusivity in the financial sector, offering a lifeline to thousands of international students and workers who have long been marginalized by traditional banking systems. By addressing these challenges head-on, Adro is setting a precedent for how fintech can bridge gaps and foster financial empowerment for underserved communities.
