New US challenger bank Simba plans to support migrant communities
Simba, a new banking service, has emerged in the United States, designed to help immigrant communities.
Simba promises a range of features for immigrants
New York-based Simba promises a bank built to “support those who came to the US seeking financial freedom”.
Simba promises a no fee checking account, Visa debit card, and free international money transfer to “anywhere in the world”.
The firm is also working on a savings club, cheaper ways for users to borrow money, and financial education programmes.
Metropolitan Commercial Bank provides Simba’s banking services and Visa debit card. Users are able to sign up to a waiting list.
On its website, the fintech says its founder Simon Tiemtore moved to the US from West Africa “with dreams of building a brighter future for himself and his family”.
“In addition to providing no-cost and low-cost financial services, each time Simba is used to send money abroad, a percent of our profits will go towards supporting community-led financial education programs and supporting local community organizations.”
Metropolitan Commercial Bank supports a handful of fintechs and challenger banks in the US. It has card issuance deals with UK challenger bank Monzo and digital wallet Revolut.
Related: Majority launches digital banking products for immigrants
