New partnership focused on banking and financial services needs in the United States
Blue Ridge Bank, the national bank subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), has formed a partnership with Aeldra Financial, Inc., a Silicon Valley-based financial technology company, to launch a mobile neobank called Aeldra for BRICS-PLUS markets, saying it has thousands of customers in India.
The neobank bank will target customers from the BRICS-Plus countries (India, Brazil, Russia, China, South Africa, and others) who have cross-border banking needs in the United States. It has thousands of customers in India and the U.S.
“The U.S. continues to attract the best and brightest from across the world,” Sukeert Shanker, Founder and CEO of Aeldra, said in a release on 1 June 2021 from Mumbai.
“They deserve seamless access to U.S. financial services. However, the simple act of opening a bank account without an SSN is challenging, as is getting approved for a credit card or loan. Our special partnership with Blue Ridge Bank aims to close the accessibility gap. Brian and Brett are among the most forward-thinking leaders in banking and we are delighted to partner with them,” said Shanker.
“Aeldra meets a significant need in today’s banking environment,” said Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bank. “We are proud to partner with Sukeert and his team as we work together to provide unprecedented financial access to an underserved segment in the BRICS-Plus countries.”
Aeldra offers interest-bearing accounts with debit cards and mortgage loans, all of which are backed by Blue Ridge Bank’s traditional financial infrastructure. Aeldra plans on offering a line of credit products, such as credit cards, in the near future.
“Sukeert previously built two leading digital banks and we’re excited to help him try to three-peat with Aeldra,” said Brett Taxin, Executive Vice President at Blue Ridge Bank. “Aeldra is at the forefront of accelerating demand for mobile first, global banking services. We look forward to working with them to serve a historically underserved community with their specialized financial needs.”
Based in Palo Alto, Aeldra is a pioneering ‘Digital Neobank’, democratizing global banking. Starting with the US-INDIA corridor, it aims to offer borderless banking to everyone regardless of their nationality. Aeldra’s founder has launched similar banking products previously, including Goldman Sachs’ consumer bank, Marcus.
Blue Ridge Bank is the wholly owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. #fintech #banking #investment #technology /fiinews.com
