news.ycombinator.com
Launch HN: Pana (YC S22) – Social Trust Banking with a US Latino Focushttps://news.ycombinator.com/item?id=32437234Hey HN! We are Piero and Luis, co-founders at Pana (https://joinpana.com), a banking app that uses social trust to help people save money and access healthier and better financial products. We’re open to everyone, but are focusing on the 62M Latinos in the USA, a particularly under-served market that we know a lot about.US Hispanics have largely been ignored by traditional banks [1], resulting in 5% of this population being unbanked and an additional 13% underbanked. This is mainly due to cultural differences and lack of trust, as well as in-person and Social Security Number requirements that exclude a significant number of people.Why is this market under-served? In Latino communities, a lot of transactions take place within family and personal networks based on trust. But this trust network isn't connected to the standard banking system, and therefore they don't get access to the financial products they should, if their creditworthiness were evaluated properly.In addition to remittancAug 12, 2022 12:07 PM
