The platform will include multilingual services, free account-to-account international money transfers and interest-free loans
Fair founder and CEO Khalid Parekh. (Credit: Fair.)
Fair, a multilingual neobank and financial services platform, will open early bird membership enrollment in March, with a public launch in April. The membership-based fintech startup aims to empower consumers with ethical banking, lending, investments and retirement services that improve traditional, profit-driven banking models.
“Our fundraising success is partially attributed to the need for a platform like Fair,” said Khalid Parekh, founder and CEO. “Research tells us Blacks and Latinos pay twice as much in bank fees, while the racial wealth gap continues to grow. Too many people are suffering at the hands of our current financial model, and it doesn’t have to be that way. Fair was intentionally designed to help all consumers keep more money in their pocket, so they can thrive. It’s why our purpose and promise are in our name.”
Parekh is also founder of AMSYS Group, a tech firm valued at nearly $350 million. When he arrived in the U.S. from India with $100 in his pocket two decades ago, he struggled to not only get a loan but also to open a bank account. Fair is designed so those who are new to the country, have no credit or need access to interest-free loans have options. Fair prides itself on ethical, transparent banking and eliminates all banking fees via a membership model with offerings including, but not limited to:
Free account-to-account international money transfers
Free ATMs and teller services and conventional banks and retail outlets
Early access to paycheck funds (two days)
Instant, interest-free microloans (buy now pay later at the register)
Interest-free loans for home, auto and business (all loans are equity-based)
Debit card accounts for kids
Up to 2% annual dividend account
Available in English, Spanish and Arabic
“In addition to fixing the banking practices that cost all of us, as an immigrant entrepreneur, I saw how the opportunity gap that can limit advancement,” Parekh said. “Understanding complex fee structures and the fine print is difficult for many people born in the U.S. Qualifying for a business loan is impossible for an immigrant with no credit history. Falling into a cycle of debt is inevitable with high-interest loans. Part of the vision for Fair is to address these inequities.”
Fair practices socially responsible investing (SRI), an approach to investing that reduces exposure to companies that are deemed to have a negative social impact (e.g., companies that profit from poor labor standards, harmful products such as tobacco or environmental devastation). Along the same lines, Fair also practices environmental, social and corporate governance (ESG) investing measures with a focus on the sustainability of an investment and its overall impact. Fair will donate 2.5% of profits to refugee causes globally.
Source: Company Press Release