Creating an inclusive bank: That’s the goal of Welcome Account. Founded by Caroline Span and Rooh Savar in 2022, these entrepreneurs decided to find a solution to the challenges newcomers face when trying to open a bank account, as “money is the lifeblood of everything,” says Caroline Span, our guest.
“When we say ‘newcomers,’ we refer to all immigrants, regardless of their status. Whether they come to work, study, or because they had to flee their country.” Currently, there are “90 million in Europe” who cannot easily access banking services “because of their nationality and not their creditworthiness.”
To address this, the two collaborators decided to simplify the account opening procedures. For instance, they only require a valid ID at first. In France, to open a bank account, one must declare an address in the country, which can be challenging for newcomers who may not have one immediately.
Thus, Welcome Account alleviates some of the burdens for these newcomers by simplifying their processes and allowing them to securely deposit their money and start a new life more “peacefully.”
