Parth Garg, who grew up in Abu Dhabi, has set up Vance, a platform that aims to connect banking infrastructure around the globe to bring a unified experience for users. As a global neobank, it will allow users to bank across boundaries without any hassles.
Users can send money at zero cost, get access to credit in new countries, and invest all over the globe - all through just one interface.
Vance has raised over $5.8m from tier-1 Venture Capitalists. They are also a part of Y Combinator’s Winter 2022 batch. Y Combinator is an American technology startup accelerator launched in March 2005.
It has been used to launch more than 3,000 companies, including Airbnb, Coinbase, Cruise, DoorDash, and Dropbox.
A lover of sport and theatre while in school, Parth was part of the school cricket team and was actively involved in the theatre community as well. Passionate about theater, philosophy, and physics, ‘‘especially cosmology,’’ Parth excelled in academics, too, representing the UAE at the Asian Physics Olympiad.
He dropped out of Stanford at the age of 21 to pursue his dream of a neobank. ‘‘I wanted to take a risk and go create something that impacted others’ lives,’’ he says.
Excerpts from an interview:
Were you interested in banking and finance even while in school and college?
I grew up in a household where business and finance conversations were the norm at dinner tables. I had always been entrepreneurial: during high school, I started my own organization in Abu Dhabi.
What were the subjects you pursued while in college?
My majors in college were Physics and Theater, but I also avidly studied Classics, Philosophy, and History.
Tell us what got you interested in the global neobank? How did the idea come to you?
The idea stemmed from my personal experiences. I currently manage multiple bank accounts across the world. Moving money between them is a nightmare. It’s always a hassle to pay in a new country I am visiting. I must in advance purchase currency for that country.
Another massive problem for me is the lack of credit. Moving from country to country means I do not have access to credit in those regions. I have been in India for 9 months now and I still cannot get a credit card despite having a credit history in multiple other countries.
Tell us about your experiences at Stanford.
It was lovely. The real experience was with the people I met on campus. Interacting with such a diverse student body helped me widen my own intellectual horizons. I studied subjects that I never got a chance to study in school. I grew more appreciative of Liberal Arts. I was also a part of a lot of student clubs ranging from theater to rocket-making.
Was it difficult to take the decision to move out of Stanford and set up Vance?
Not at all; it came down to my passion. At that specific moment, it felt like staying and studying at college was not the right option for me. I wanted to take a calculated risk and go create something that impacted other’s lives. My parents’ support only pushed me further to pursue entrepreneurship.
What 3 tips can you offer students who are considering star ups?
Take the plunge sooner
Observe the world around you for problem.
Build a solid network of professionals (find mentors if you need them).
For more information, https://www.haleeducation.com/