Adro provides banking access and credit solutions for international entrepreneurs, students and workers, while Finfare Money offers a platform that simplifies payments, expense tracking and credit management for individuals and businesses, Snowball & Co. said in a Friday (Oct. 24) press release.
Now, following the acquisition, the Adro leadership team will manage Finfare Money, oversee all its assets and lead its platform and technology stack, according to the release.
The combined organization will merge the two companies’ products, creating a single platform, and will operate under the Finfare Money brand, per the release.
It will continue to provide uninterrupted service to all users and customers, the release said.
Amarildo Gjondrekaj, CEO and co-founder of Adro, is now CEO of the combined company.
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“We built Adro to make financial access simple, fair and borderless,” Gjondrekaj said in the release. “Joining Snowball & Co. and leading Finfare Money allows us to accelerate that mission by combining Adro’s global perspective with Snowball’s operational and financial expertise.”
Snowball & Co. Founder and Chairman Wayne Lin said in the release that Adro’s leadership team is aligned with Snowball & Co.’s mission to build financial products that improve access and inclusion across global markets.
“Their integration into Finfare Money will strengthen our platform and expand the reach of intelligent, inclusive financial tools worldwide,” Lin said.
Adro said in a March press release that it had raised $2 million in pre-seed funding to support its efforts to enable international students and workers moving to the United States to access checking, savings and credit.
The company also said it was preparing to launch U.S. dollar business accounts to enable international companies to set up in the U.S., get an employer identification number (EIN) and accept U.S. card payments.
Snowball & Co. creates, invests in and acquires “the next generation of businesses” in artificial intelligence, financial services, energy and automation, according to its website.
“We believe in compound innovation, where each acquisition strengthens the next,” the company said on the site.
