Building a Bridge to the Future: Passvoy’s Vision for Financial Access
Imagine stepping off a plane into a new country, full of hope and possibility. You’re eager to build a life in this new home, yet financial access remains elusive. Unable to open even a basic bank account, let alone secure credit, you find yourself locked out of the financial infrastructure most take for granted.
This was Mohit Lalvani’s experience when he arrived in the UK, armed with a Global Talent Visa and ready to thrive. Rather than accept this systemic failure, Mohit channelled his frustration into an inspired vision - providing early credit access for global citizens before they have even built local credit history. This is how Passvoy was born!
Harnessing the power of open banking data and machine learning, Passvoy aims to accurately evaluate risk based on applicants’ full financial profile - not simply time spent in a new country. As quoted on the Experian UK website (one of the UK’s 3 major credit agencies)“Credit scores can’t cross borders”, everything has to be restarted and rebuilt from scratch. Passvoy’s state-of-the-art credit solution leverages open data to empower immigrants to hit the ground running.
At its core, Passvoy is building a bridge to the future for global citizens on the move. Outdated analog finance simply can’t keep pace with the speed of 21st century global migration. While legacy institutions cling to old-world bureaucracy, Passvoy looks to the horizon - accelerating financial access by harnessing an open API banking infrastructure, advanced analytics, and global payment rails.
Access to credit shouldn’t require starting from scratch in a new country. Savings locked at home shouldn’t sit idle while credit card debt racks up abroad. Friends and family shouldn’t have to pay exorbitant fees for international transfers.
India is now the world’s most populous country with 1.4 billion people and boasts the largest diaspora spread across the globe. India’s brightest minds run world-leading companies like Microsoft and Google, yet retain close ties to friends, family and investments back home. Despite India’s complicated tax laws and capital controls, this connection persists.
India’s imports in 2022 were $723 billion, of which $53 billion were from the UAE - India’s 2nd largest import partner after China ($100 billion). The UAE and India have agreed to settle trades in INR rather than USD. Saudi Arabia, Russia, Iraq and Indonesia account for another $150 billion in trade that could potentially move away from USD as well.
India has also pioneered revolutionary advances in payments technology. Passvoy applies learnings from India’s UPI instant payment infrastructure, which successfully upended entrenched habits with real-time bank-to-bank transfers. Mohit, having founded LivQuik, a regulated fintech business in India that was majority owned by Future Group. He successfully exited LivQuik to M2P Fintech in 2021 after building it into a leading payment business and being amongst the first to leverage UPI and see its massive potential.
Bringing UPI’s potential to the world, Passvoy enables instant access to UPI. This leapfrogs immigrants beyond outdated correspondent banking into the financial system that works their money better, faster and more efficiently.
While India’s influence rises globally, physical infrastructure will take time to catch up to western standards. But India has proven its ability to make generational leaps in digital infrastructure - consider the smartphone and 5G transformations. Passvoy rides this wave, providing digital financial access unconstrained by geographic borders.
Passvoy seized this opportunity to reimagine finance for citizens worldwide. Harnessing the innovation sandbox provided by the IFSCA in Gujarat’s GIFT City, Passvoy can pilot products like FX on UPI before expanding globally.
Passvoy tackles these universal challenges head on. Join the waitlist today to be part of our digital financial passport built for the next generation of global citizens. Together, let’s redefine financial access for the world on the move, take the first step.
