New US bank on the block Sable aims to support new migrants
Sable, a US de novo bank tailored for recent immigrants has launched its account services.
The neobank, underpinned via a partnership with Coastal Community Bank, aims to offer new arrivals both debit and credit accounts.
It says users do not need to have a social security number and can use its services to build up a credit history in their new country. Prospective users need only a passport and US visa for document verification.
Sable claims it can open a new account in five minutes, with the a virtual debit and credit card usable “immediately” through a mobile payment app.
Like most US challengers, the New York-based de novo promises no fees for ATM withdrawals, accounts, and foreign transactions.
Founded in 2019, the bank has raised $6.2 million across three funding rounds. Among its investors are the accelerator Y Combinator, C3 Ventures, and Daintree.
Founders Naveen Qureshi and Towers Wilen say immigrants encounter “countless barriers” when trying to set up accounts in the US.
Qureshi spent two years at Capital One in Canada, where she worked as product manager and process manager.
Wilen worked in business development and customer strategy at American Express between 2013 and 2017.
Both Qureshi and Wilen are graduates of the Columbia Business School’s MBA programme.