This founder raised millions to build Fair, a neobank for immigrants
Fair, a multilingual digital bank and financial services platform, is launching to the public after raising $20 million in 40 days earlier this year.
Founder Khalid Parekh raised the capital primarily from the very demographic that Houston-based Fair aims to serve: from a group consisting of a number of immigrants, many of whom were first-time investors.
“There was not a single check from a VC or bank or from a family office,” Parekh told TechCrunch. “Ninety percent of our investors are minorities or are immigrants like myself that believed in the concept of Fair.”
One could say that it’s also fitting that Fair’s headquarters are in Houston, which at the time of the last census was the most ethnically diverse city in the United States.
Parekh is not your traditional fintech founder. He doesn’t have banking or financial services experience, although he does have experience founding and running a successful company: AMSYS Group, which is valued at nearly $350 million. His mission with Fair is largely personal. Upon arriving in the U.S. from India with just $100 in his pocket 22 years ago, he struggled to not only get a loan but also to open a bank account.
“I was an engineer by background, but was very confused with the American banking system. There is not a lot of help for immigrants who don’t understand it well,” Parekh recalls. “My biggest challenge was sending money back home. There was just (Read more...)