“Our fundraising success is partly attributed to the need for a platform like Fair,” said Khalid Parek, founder and CEO. “Research tells us that blacks and Latinos pay twice as much in bank fees, while the racial wealth gap continues to widen. Too many people are suffering at the hands of our current financial model, and it is not. necessary that it be so. Correct. was intentionally designed to help all consumers keep more money in their pocket, so they can thrive. That is why our purpose and promise is on our behalf.
Parekh is also the founder of AMSYS Group, a technology company valued at nearly $ 350 million. When he arrived in the United States from India with $ 100 in his pocket twenty years ago, he struggled not only to get a loan, but also to open a bank account. Fair is designed so that those who are new to the country, have no credit, or need access to interest free loans have options. Fair prides itself on ethical and transparent banking and eliminates all banking fees through a membership model with offers including, but not limited to:
- Free international account-to-account money transfers
- ATMs and free teller machines and conventional banks and points of sale
- Early access to paycheck funds (two days)
- Instant, interest-free microloans (buy now pay later at checkout)
- Interest-free loans for home, car and business (all loans are equity-based)
- Debit card accounts for children
- Annual dividend account up to 2%
- Available in English, Spanish and Arabic
“In addition to correcting the banking practices that cost us all, as an immigrant entrepreneur, I have seen how the opportunity gap can limit advancement,” Parekh said. “Understanding the complex fee structures and the fine print is difficult for many people born in the United States. Qualifying for a business loan is impossible for an immigrant without a credit history. Falling into a cycle of debt is inevitable with high interest loans. Fair’s vision is to tackle these inequalities. ”
Fair Socially Responsible Investment (SRI) practices, an investment approach that reduces exposure to companies that are considered to have a negative social impact (e.g. companies that profit from poor labor standards, harmful products such as than tobacco or environmental devastation). In the same vein, Fair also practices environmental, social and corporate governance (ESG) investment measures with an emphasis on the sustainability of an investment and its overall impact. Fair will donate 2.5% of its profits to refugee causes around the world.
To join, members will pay a one-time annual or monthly membership fee depending on their preference. Fair banking services are provided by FDIC member Coastal Community Bank and will offer MasterCard® debit card. To subscribe to the waiting list or find out more, visit bankwithfair.com, and connect @bankwithfair on Facebook, Twitter Linkedin and Instagram.
ABOUT THE FAIR
Fair is a multilingual neobanks and financial services platform that values people before profit and goal before process. Fair provides ethical banking, lending, investing and retirement services through a membership model that allows clients to keep more money in their wallet with offers such as interest-free loans, money transfers Free international accounts from account to account and up to 2% per annum dividend accounts. Fair donates 2.5% of its profits to support refugee missions around the world. Join the waiting list on bankwithfair.com, and connect with @bankwithfair on Facebook, Linkedin, Twitter and Instagram.