Pana
Pana is a fintech company specializing in cross-border banking services for the Latino population in the USA, offering features like zero-fee remittances, insured accounts, and a Mastercard debit card that can be obtained with just a passport.
Founders
Pana was founded by the former Head of Digital Banking at Scotiabank for Latin America. The founding team is composed of individuals with backgrounds from prominent companies such as Rover, Rappi, and Mercado Libre.
History
Pana, a fintech company launched on July 12, 2022, participated in the Y Combinator S22 batch. The company focuses on the banking and exchange sub-industry within fintech and serves the United States and Canadian markets, as well as remote users. It targets the fast-growing and underserved Latino population in the USA, aiming to provide accessible financial services.
Services
Pana offers several financial services, including the ability to open a US bank account and obtain a Mastercard debit card using either a passport or SSN. It features a debit card with various color options that can be added to Apple or Google Pay for secure, contactless payments. Pana allows customers to send and receive money with friends in the United States or Latin America, opening accounts with just a passport in a few simple steps. They do not charge monthly or annual maintenance fees and do not require credit verification for their debit cards.
Products
Pana provides a Mastercard debit card, which can be used anywhere Mastercard is accepted. The card can be added to Apple or Google Pay for contactless payments. Customers can open a US bank account with a passport or SSN and have their money insured up to $250,000 through an associated bank, Community Federal Savings Bank. Pana offers this account without credit verification, which does not impact the user’s credit score.
Sector
Pana operates in the fintech industry, specializing in banking and exchange services. It focuses on cross-border banking for Latinos in the USA. The platform enables zero-fee remittances, targeting a population that sends out $39 billion per year at a 7% rate. The company is supported by investors and leaders in the fintech space and aims to provide inclusive financial solutions.
