Banking for social good. Meet the neobank built for new-to-America internationals.
Sable is a startup neobank that helps immigrants acquire a fully functional US bank account and credit card while building a credit history from day one, so they can integrate into the American financial landscape, without the lengthy processes associated with creating savings/bank accounts as an international or the harsh process of seeking out credit building products.
In the age of Uber where you get to book rides reclining on your couch, you’d typically expect banking to be a lot better than it used to be. And it is. Multichannel access, customized cards, seamless, multi-currency support, and an enchilada of features that’s made banking a thrill for all of us. Outdated giants are dying, while upstarting neobanks like N26 & Revolut are experiencing double-digit growth rates. User experience is eating the big boys’ lunch. The Golden Age of Banking. Yay!
Unfortunately, a significant demographic within the population has been all but ignored by the banking industry, despite the continuous advances in making banking as user-friendly as possible. Almost like the banking industry has all but forgotten them.
Sable, while an upstarting neobank that’s set to disrupt legacy banking, doubles as a socially inclusive company that’s focused on helping internationals integrate into American society, by offering them an opportunity to get a fully functional, FDIC-insured bank account and credit card from day one — without the hassles associated with setting up an account as an immigrant, or trying to build a credit history from scratch. Sable is designed to cater to the needs of the new-to-America tribe, in a world that considers them guilty until proven innocent.
While a conventional bank might require you to provide your SSN, proof of address, utility bills, US credit history, and a bunch of other qualification criteria that most often end up restricting internationals from quality banking, Sable requires only your email, a passport from your country of origin, a US Visa (or alternative proof that you are legally able to reside in the US), and a US mailing address where they can forward any correspondence intended for you.
The Sable ONE secured credit card is another innovative product designed to help immigrants begin building a credit history to enable them to qualify for credit as soon as possible, setting them up for success in America as quickly as possible. The Sable ONE secured credit card comes with up to a $10,000 credit limit, no minimum balance, and a 9.99 APR. Sable is primed to launch its unsecured credit card in the coming months.
Apart from the fact that Sable offers users a way to skip visiting a bank branch and the lengthy in-person KYC processes legacy banks use, Sable’s services are absolutely free of usual charges most banks in the US charge their users periodically.
Overdraft fees, monthly account maintenance fees, ACH transfers, incoming and outgoing wire transfers, card replacement, foreign transactions, international ATM withdrawals — all absolutely free when you’re banking with Sable vs. conventional banks.
For instance, an average personal savings account might require as much as a $35 monthly account maintenance fee, plus ATM fees, transfer fees, and a bunch of charges that add up to $400–700 per year. Except that it’s money subtracted from your account for the privilege of holding your cash. Sable offers a wide variety of welcoming features that are sure to acquire the trust of internationals landing in the US, helping them integrate as soon as possible, and offering them the same economic opportunity as everyone else.
For expenses, once your first deposit arrives, you can hook up your virtual Sable card with Apple Pay and begin making expenses securely instantly for whatever you need, scraping out the need to carry cash if you don’t feel like it.
With the new year set, Sable is set to roll out a variety of game-changing features designed to revolutionize banking from the ground up and deliver a competitive experience to users across the board.
When I spoke to, Sable Co-CEO, Naveen Qureshi, She reiterated that for herself and a lot of the Sable team, building a bank designed around financial inclusion was from deep within an acknowledgment of the struggles associated with being an immigrant in modern-day America.
“It goes far beyond just building a bank for immigrants, it’s actually acknowledging the struggles of our stories and how we’d love to ensure no one else jumps through the hoops we did to get started in America. Sable is essentially a story of souls — how we fought and survived and how we’re fighting for others that may encounter what we did,” Qureshi said.
According to Co-CEO Towers Wilen, Sable sees itself as more than just another shiny banking startup. He envisions Sable as a social good initiative that seeks to level the playing field and even out the odds of succeeding in America. That’s why there are no unnecessary fees or hoops to jump through. Just banking at its best — and simplest.
“When we got here, we did it the hard way. And we think we have a part to play to make sure no one else does. And we’re doing our best to make banking as painless, and dare I say, fun as we think it should be.” — Naveen Qureshi.
If you’re in that international bracket and you’re looking for a bank built around your needs, or just doesn’t plain suck, check out Sable right away.
