Millions of migrants including Latinos come to the USA legally and while they go through the process of getting an SSN usually some time passes while one needs a bank account for many reasons. During that period, Pana offers a 10x better experience.
We at Pana are solving problems we've personally experienced.
The Pana bank account is FDIC insured and compliant with all required regulations through our banking partner Piermont Bank.
Thats ok :)
Its a completely different segment and our early traction as well as our insights for whats to come make us very optimistic for the future.
Yes there are. For now from a regulatory standpoint validating the users identity and their proof of residing in the USA is enough to comply with KYC/AML standpoint
If you have a valid passport and a proof of address in the USA, you are able to open a bank account with Pana and even some big banks. What we've seen is that its 10x more difficult with these big banks.
Thanks! The person getting the funds can receive them in their bank account or pick it up at specific locations. They can either have a Pana profile (chat only) or not. We do have great partners including some on the infrastructure side
Some major banks do allow you to open an account without an SSN whenever you have a valid proof of address just like Pana. The difference is that they require you to visit the branch in person, we don't.
You're exactly right! This is just a starting point as we're for everyone. Latinos is a segment we truly understand and therefore it made sense to start there.
Pana means "Pal", and we believe thats the type of friendly banking all migrants need when coming to the USA
Great point, it's exactly because its the other way around that its completely different. Instead of adding financial features to a social platform, we're adding a chat functionality to an FDIC insured and secured banking platform. Its sounds like the same but from a security stand point -as well as a cognitive one- we believe it makes all the difference.
Great point! We believe there is a lot of potential on many other technologies like ETH/Crypto. We just had to start with basics and continue to evolve from there
I so feel your pain having lived it in flesh and bones and yes, we're just getting started but those are the pain-points we're working on fixing. Thank you for the feedback and we hope you try Pana. We do not have hidden fees like minimum balance or even debit card fee