Adro Secures Additional $500,000 in Pre-Seed Funding to Expand Financial Services for International Communities

Adro, a New York-based technology company focused on providing financial services to international students and workers, has secured an additional $500,000 in pre-seed funding, bringing its total pre-seed round to $2 million. This funding round includes contributions from Empire State Development's NY Ventures, the state's venture capital arm, along with investments from Jim Wiseman, President of Margaritaville Development, and Era, founded by Jasper Lau. The company's mission centers on serving traditionally underserved and underbanked international populations, a commitment driven by CEO and Co-founder Amarildo Gjondrekaj's personal experience as an immigrant from Albania.

The implications of this funding are significant for both Adro and the communities it serves. By securing support from Empire State Development's NY Ventures, Adro gains not only capital but also validation from a state-backed entity that prioritizes inclusive entrepreneurship. Hope Knight, Empire State Development President, CEO, and Commissioner, emphasized that Adro represents the type of innovative company that creates economic opportunities for underserved communities while contributing to New York's entrepreneurial ecosystem. This backing could help Adro scale its operations more effectively, potentially setting a precedent for other startups addressing similar financial inclusion challenges.

Adro plans to launch US dollar business accounts next month, a strategic move that will enable international companies to expand their US presence. These deposit-insured accounts will help non-US companies establish themselves in the United States, obtain an Employer Identification Number (EIN), and accept US card payments. This development is crucial because it addresses a longstanding gap in financial services for international entities, which often face hurdles when trying to operate in the US market. By simplifying these processes, Adro could facilitate increased foreign investment and business activity in New York, bolstering the local economy.

The company's growth is further evidenced by individual achievements, such as Co-founder and COO Sara Schmitt's acceptance into the Nasdaq Entrepreneurial Center Milestone Makers program, a prestigious initiative supporting entrepreneurs in reaching key business milestones. This recognition not only enhances Adro's credibility but also provides Schmitt with valuable resources and networking opportunities that could accelerate the company's trajectory. For international students and workers, Adro's services offer critical access to checking, savings, and credit services in the United States, reducing financial barriers that often hinder their academic and professional pursuits.

Overall, Adro's latest funding and upcoming initiatives underscore its role in breaking down financial barriers for international communities. By leveraging technology and strategic partnerships, the company is poised to make a tangible impact on economic inclusion in New York and beyond, demonstrating how targeted financial solutions can empower underserved populations and strengthen the broader business landscape.