Piero0909

7 ms·

1.
by Piero0909 4y ago
Hi Csomar, the answer is simple; we've seen great interest for the product we're building and we've personally experience the problem we're solving
2.
by Piero0909 4y ago
Millions of migrants including Latinos come to the USA legally and while they go through the process of getting an SSN usually some time passes while one needs a bank account for many reasons. During that period, Pana offers a 10x better ex
3.
by Piero0909 4y ago
Thats ok :) Its a completely different segment and our early traction as well as our insights for whats to come make us very optimistic for the future.
4.
by Piero0909 4y ago
You must provide a proof of address like a utility bill or a bank statement with you name on it that proofs that you live in the USA
5.
by Piero0909 4y ago
Hey Ivass, at the moment only users who live in the USA can open a bank account
6.
by Piero0909 4y ago
Honestly, and dont take my word for it, the international Visa Debit card you get when opening an account works flawlessly!
7.
by Piero0909 4y ago
Yes there are. For now from a regulatory standpoint validating the users identity and their proof of residing in the USA is enough to comply with KYC/AML standpoint
8.
by Piero0909 4y ago
If you have a valid passport and a proof of address in the USA, you are able to open a bank account with Pana and even some big banks. What we've seen is that its 10x more difficult with these big banks.
9.
by Piero0909 4y ago
Thanks! The person getting the funds can receive them in their bank account or pick it up at specific locations. They can either have a Pana profile (chat only) or not. We do have great partners including some on the infrastructure side
10.
by Piero0909 4y ago
Correct, in case he were to move back to the USA, he'd be able to get out a Pana account and enjoy these benefits we described
11.
by Piero0909 4y ago
Some major banks do allow you to open an account without an SSN whenever you have a valid proof of address just like Pana. The difference is that they require you to visit the branch in person, we don't.
12.
by Piero0909 4y ago
You're exactly right! This is just a starting point as we're for everyone. Latinos is a segment we truly understand and therefore it made sense to start there. Pana means "Pal", and we believe thats the type of friendly
13.
by Piero0909 4y ago
Great point, it's exactly because its the other way around that its completely different. Instead of adding financial features to a social platform, we're adding a chat functionality to an FDIC insured and secured banking platform
14.
by Piero0909 4y ago
Great point! We believe there is a lot of potential on many other technologies like ETH/Crypto. We just had to start with basics and continue to evolve from there
15.
by Piero0909 4y ago
I so feel your pain having lived it in flesh and bones and yes, we're just getting started but those are the pain-points we're working on fixing. Thank you for the feedback and we hope you try Pana. We do not have hidden fees like
16.
by Piero0909 4y ago
In part yes. We've also implemented free remittances up to $300 making it 10x better and cheaper to send money for 90% of use cases. Thanks!
17.
Launch HN: Pana (YC S22) – Social Trust Banking with a US Latino Focus
66 points by Piero0909 4y ago|82 comments