New immigrants find it hard to set up a bank account. That’s why Ellis was created for international students planning to study in the U.S.
Before arrival, they can open a debit account with Ellis’ neobank and sign up for a 5G cellphone plan, too. In an announcement today, Ellis has raised a $5.6 million seed round led by Kindred Ventures.
The Founder of Ellis, Sampei Omichi had the same issue when he moved to U.S in 2017.
Along the way, he met many other international students who were dealing with the same problems.
Ellis Money is a neobank for international students moving to the U.S. Users without a Social Security number provide a passport, and Form 1-20 or DS-2019 to open an FDIC-insured bank account four months before they move to the U.S. Accounts can be funded with SWIFT wires and domestic ACH, and they can either use a virtual debit card or get mailed a physical one. Ellis Money is partnered with Blue Ridge Bank to provide checking account services. Ellis Mobile, meanwhile, is an MVNO built on top of T-Mobile’s network. It will launch in May.
