Aeldra and Blue Ridge Bank Launch Neobank to Expand U.S. Financial Access to BRICS-Plus Countries
Blue Ridge Bank, a subsidiary of Blue Ridge Bankshares (NYSE American: BRBS), has partnered with Aeldra Financial to launch a mobile neobank targeting BRICS-Plus countries. This initiative aims to address the cross-border banking needs of customers from these regions. Aeldra will offer various financial products, including interest-bearing accounts and future credit lines, all utilizing Blue Ridge Bank's infrastructure. Brian K. Plum, CEO of Blue Ridge Bank, highlighted the importance of accessibility for underserved communities in these markets.
- Partnership with Aeldra to launch a mobile neobank for BRICS-Plus countries.
- Aeldra aims to address cross-border banking needs, enhancing accessibility for underserved customers.
- Interest-bearing accounts and plans for future credit products to diversify offerings.
- None.
Blue Ridge Bank, the national bank subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), announced today a partnership with Aeldra Financial, Inc., a Silicon Valley-based financial technology company, to launch a mobile neobank called Aeldra. The neobank bank will target customers in BRICS-Plus countries (Brazil, Russia, India, China, South Africa, and others) who have cross-border banking needs in the United States. Aeldra is a financial services company and banking services are provided by Blue Ridge Bank, N.A., member FDIC.
“Aeldra meets a significant need in today’s banking environment,” said Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bank. “We are proud to partner with Sukeert and his team as we work together to provide unprecedented financial access to an underserved segment in the BRICS-Plus countries.”
Aeldra offers interest-bearing accounts with debit cards and mortgage loans, all of which are backed by Blue Ridge Bank’s traditional financial infrastructure. Aeldra plans on offering a line of credit products, such as credit cards, in the near future.
"The U.S. continues to attract the best and brightest from across the world,” said Sukeert Shanker, Founder and CEO of Aeldra. “They deserve seamless access to U.S. financial services. However, the simple act of opening a bank account without an SSN is challenging, as is getting approved for a credit card or loan. Our special partnership with Blue Ridge Bank aims to close the accessibility gap. Brian and Brett are among the most forward-thinking leaders in banking and we are delighted to partner with them.”
"Sukeert previously built two leading digital banks and we’re excited to help him try to three-peat with Aeldra,” said Brett Taxin, Executive Vice President at Blue Ridge Bank. ”Aeldra is at the forefront of accelerating demand for mobile first, global banking services. We look forward to working with them to serve a historically underserved community with their specialized financial needs.”
About Aeldra
Aeldra (www.aeldra.com) is a Palo Alto-based fintech that offers borderless banking to global affluent customers. Aeldra’s founder has launched similar banking products previously, including Goldman Sachs' consumer bank, Marcus.
About Blue Ridge Bank
Blue Ridge Bank is the wholly owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. Visit mybrb.com to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005180/en/
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