Pana provides a mobile application for sending, receiving, and managing USD transfers globally with an emphasis on speed and low friction. Users can open a dollar account using identification, facilitate instant, fee-free transfers between other Pana users, and withdraw funds to local accounts. The platform supports direct deposits and offers a debit card for accessing funds internationally.
Funding
Funding not disclosed
Founders
Product
Problem
Newcomers to the U.S. often face challenges accessing traditional banking services due to limited documentation or lack of credit history. This can restrict their ability to manage finances, send money internationally, and participate fully in the U.S. economy. Existing cross-border transfer solutions often involve high fees and complex processes.
Solution
Pana provides a mobile banking app that allows users to open checking accounts and obtain virtual Mastercard debit cards using passports, SSNs, ITINs, or national IDs. The platform facilitates instant money transfers to contacts, even if they are not Pana users. Pana offers competitive international transfer fees and access to over 100,000 cash deposit locations nationwide, enabling users to easily add funds to their accounts. The application aims to simplify financial management for newcomers by providing accessible banking services and tools.
Target Audience
Pana primarily targets individuals who are new to the U.S., particularly those from Latin America, who may face difficulties accessing traditional banking services due to documentation requirements or credit history.
Features
- Mobile checking account opening with various identification documents (passport, SSN, ITIN, national ID)
- Virtual Mastercard debit card for online and in-app transactions
- Instant money transfers to contacts, regardless of their Pana app usage
- Competitive fees for international money transfers
- Access to over 100,000 cash deposit locations (e.g., Walmart, 7-Eleven, Walgreens)
- FDIC insurance through Community Federal Savings Bank
- Biometric and two-factor authentication for account security
- Integration with Zelle, Venmo, and PayPal
- Direct deposit functionality for faster paycheck access
- Assistance in obtaining an ITIN (Individual Taxpayer Identification Number)
- Optional mobile phone plans with unlimited data
- Bilingual (English and Spanish) customer support