California-based challenger bank Aeldra has chosen i2c Inc. to fuel its digital private banking services. The mobile bank, which was started by neo bank veterans, is seeking to reach affluent global clients with household incomes of over $100,000, according to a Tuesday (Dec. 15) announcement e-mailed to PYMNTS.
“We’re thankful for the recognition of our platform’s ability to address Aeldra’s unique needs and for the opportunity to enable such a truly visionary approach to global financial services,” i2c CEO and founder Amir Wain said in the announcement.
Aeldra, whose partners include Blue Ridge Bank, N.A, provides global clients with smooth access to U.S. banking and investment through a “digital private banking” experience. U.S. resident and non-resident international clients of Aeldra can open an FDIC-insured U.S. account with a Global Mastercard Debit Card in five minutes on a mobile device. This feature builds a global platform to address a forecasted $20 billion market, according to the announcement.
After Mexico, India and China account for most of the individuals and consumer funds flowing into the United States. Individuals from these countries are Aeldra’s main focus for customer acquisition. The global capabilities of i2c throughout North America, Asia and Europe will let Aeldra grow at a fast clip to provide banking offerings in the United Kingdom, Canada and in other places, according to the announcement.
“With i2c’s partnership we’re making it real. i2c’s global platform and capabilities enable us to scale securely, stably and globally to fulfill our vision of borderless banking. i2c gives us the freedom to focus on the customer, while having confidence that we can deliver the services and experiences that global, affluent customers deserve,” Aeldra founder and CEO Sukeert Shanker said in the announcement.
As the international pandemic and ensuring economic disruption have blurred the lines between traditional forms of payment, Wain told PYMNTS in a previous interview that the largest business opportunity in the future will be in credit – with mobile becoming the largest game-changer.
“The stars of financial services in 2021 will have something to do with credit,” Wain said, noting that the days of basic checking or demand draft accounts (DDA) are over. “You can’t be a star with the DDA in 2021.”