The problem
Founder Amer Baroudi describes spending most of his adult life effectively unbanked — not because of anything he did, but because of where he was from. Legacy banks treat whole nationalities as too risky to serve, so for generations Syrians have been locked out of foreign-currency accounts, global transfers and even basic savings protection.
How it works
nsave is a UK-founded offshore banking platform built for people from distressed economies. Users open international USD, EUR and GBP accounts with global transfers, international cards and savings products. The Syria launch runs in two phases: inbound transfers into Syria, then full international accounts for residents inside the country — each corridor built compliance-first with enhanced onboarding, sanctions screening, AML monitoring and fraud controls, structurally separated from partner banks not yet ready to take Syria risk.
Pain points
Savings with nowhere safe to sit, remittances routed through informal channels, freelancers and small businesses cut off from overseas income, and a financial system that treats a Syrian passport as a disqualifier.
Business model
Offshore consumer banking: accounts, cards, cross-border transfers and savings products for the 700M+ people globally who live in high-inflation economies with broken banking.
Challenges
Deep regulatory work in a sanctioned-then-reopening market, keeping correspondent and partner banks comfortable, onboarding users with thin paperwork, and building trust with people burned by decades of exclusion.
Funding
- Raised: $18M in January 2025 (Tech.eu), before the Syria corridor launch.
Latest — May 2026
In May 2026 nsave launched financial services for Syrians — inbound transfers into Syria plus international accounts for residents — calling itself the first global fintech to step up for the market as sanctions lifted and reconstruction attention grew.