NRB entrepreneur's fintech startup raises $20 million seed round

NRB entrepreneur's fintech startup raises $20 million seed round

A fintech startup co-founded by a Bangladeshi-born entrepreneur has raised $20 million in seed funding, according to a recent report by US-based business magazine Fortune.

New York-based Fin.com was set up by Nabeel Alamgir and Mustafa Dar, and recently came out of stealth mode. The round closed in August and was led by Expa and Uber co-founder Garrett Camp, with other backers including Coinbase Ventures, Tenet Fund, the founders of Figure, Mesh founder Bam Azizi, Second Sight Ventures, and royal and sovereign wealth offices in the Gulf and Africa, states the report.

The company builds payment technology that helps businesses move money across borders more easily, an area that has become more important as stablecoins grow in popularity. According to the report, Fin.com's tools are used by financial firms, consumer platforms, and prediction markets to shift funds internationally and let users top up wallets from crypto exchanges. The company says its technology reaches more than 800 million users in total, though it has not named specific clients or disclosed its valuation.

According to Fortune, Alamgir was born in Bangladesh and grew up in Kuwait before moving to New York as a teenager. Dar was born in Pakistan, spent part of his childhood in Saudi Arabia, and later moved to Los Angeles. Both founders have said to Fortune that watching their parents struggle to send money to relatives abroad shaped their decision to build the company. Dar previously founded a private jet company, 24/7 Jet, in 2012 and left it in 2023. Alamgir previously founded Lunchbox, a restaurant technology company.

The report notes that Fin.com is focusing on South Asia, Africa, and the Middle East, regions the founders know well from personal experience. Alongside its New York base, the company has offices in Las Vegas, Dubai, Bangalore, Lahore, and Dhaka.

Sharing the news on X, Alamgir revealed that Fin.com has also completed seven acquisitions in the past twelve months, adding that people have likely used the company's services already without realising it.