Fair, a multilingual digital bank and financial services platform, is being launched to the public after raising $20 million in 40 days earlier this year. Founder Khalid Parekh raised capital based on the population of the Houston-based fair, which was originally intended to provide services: from a group consisting of several immigrants, many of whom were first-time investors. “No checks were received from the VC or the bank or any family office,” Parekh told TechCrunch. “Ninety percent of our investors are minorities or immigrants like me who believe in the idea of fairness.”
Anyone can say that the fair is headquartered in Houston, which was the most ethnically diverse city in the United States at the time of the last census. Parek is not the founder of your traditional fintech. He has no experience in banking or financial services, although he has experience in setting up and operating a successful company: AMSYS Group, valued at nearly nearly $350 million. His mission with Fair is basically personal. 22 years ago, when he arrived in the United States from India with only $100 in his pocket, he fought not only to get a loan, but also to open a bank account.
“I was an engineer in the background, but I was very confused about the American banking system. There is not much help for immigrants who do not understand it well. ”“My biggest challenge was sending money back home. There was just a lack of hospitality.” In 2020, he used his own cash to create the technology behind the fair, which is designed for those, new to the country that has no nonsense or interest-free access. The fair serves as a sponsoring bank for Coastal Community Bank.
The goal of Nail with Fair is to provide “Ethical, Transparent Banking” – to anyone – through a membership model that eliminates all banking fees. “Another challenge I saw was that there were very few options for insurance and retirement for immigrants and low-income people. “All big organizations serve people with a lot of money. But we want to create an organization where we are fair to all, regardless of religion, caste, creed, and net worth or how much is in their bank account. We want everyone to be treated the same.” Over the past year, the country has seen an upsurge of neobanks based on specific populations, including Greenwood, First Boulevard and Cheese. Welcome Technologies also aims to serve immigrant people.