A new app designed to make banking in the United States easier for international students has been launched.
North Loop is the brainchild of Tahem Veer Verma, a former international student in the United States and an established entrepreneur, who had previously launched English language learning app Enguru.
The free banking app offers checking accounts and debit cards for international students with its partner Evolve Bank & Trust.
Before travelling to the US, international students will need to download the app (available on both Android and iOS) and sign up for an account to start banking. Students can also have their debit card ready upon their arrival, saving them ample time as they don’t have to go to a bank in person.
A crucial distinction between North Loop and other banking products is that applicants do not need a US social security number in order to apply, Verma explained.
According to Verma, around 20,000 students have already applied to use North Loop banking, mainly because of word-of-mouth recommendations.
The entrepreneur is hopeful that in the future he will work closely with education agencies overseas to reach more potential customers and ensure international students can organise a no-fee account before they enter the US.
Speaking to The PIE News, Verma explained that the idea for the app came from his own experiences as a returning international student undertaking an MBA at Cornell in 2017. He struggled to open a bank account, get a credit card and had a hard time with banking in general, prompting him to set up the app that he hopes will make the process easier for future waves of international students.
Article published 2nd September 2019