Pana

Pana's Services

Pana offers a suite of financial services designed to cater to the needs of the Latino population in the USA and Latin America. The company's platform allows users to open a US bank account and obtain a Mastercard debit card using either a passport or SSN. Pana facilitates sending money quickly and easily to anyone in Latin America, supporting zero-fee remittances for a demographic that sends out $39 billion annually at a high average rate. The platform also enables users to make payments, send, and receive money with friends in the USA and Latin America. Additionally, the Pana card can be used anywhere Mastercard is accepted and can be added to Apple or Google Pay for secure and contactless payments.

Pana's Features

Pana provides several features designed to enhance user convenience and security. Key features include no maintenance fees for accounts, debit cards without credit verification, and account opening with just a passport. The money in Pana accounts is insured up to $250,000 through an associated bank, ensuring users' funds are safe. The Pana debit card comes in various colors, catering to user preferences, and can be used globally where Mastercard is accepted. Adding the Pana card to Apple or Google Pay allows for secure and contactless payments with smart devices, making transactions seamless and secure.

Pana's Founders and Team

Pana was founded by the former Head of Digital Banking at Scotiabank for Latin America, bringing extensive industry experience and expertise to the company. The founding team comprises professionals from notable companies like Rover, Rappi, and Mercado Libre. With a small yet dedicated team of five employees, Pana's team is well-equipped to drive the company's mission forward. The diverse background of the team members contributes to a deep understanding of the fintech landscape and the unique needs of the Latino population in the USA and Latin America.

Pana's Industry and Market

Operating in the fintech industry, specifically within the banking and exchange sub-industry, Pana targets the fast-growing and underserved Latino population in the USA. The company aims to provide cross-border banking solutions that address the unique financial challenges faced by this demographic. By offering services like zero-fee remittances and the ability to open US bank accounts without an SSN, Pana is well-positioned to capture a significant share of the market. The company's participation in the Y Combinator S22 batch underscores its potential and the support it has garnered from investors and leaders in the fintech space.

Pana's History and Development

Pana launched its services on July 12, 2022, marking its entry into the fintech sector. Participating in the Y Combinator S22 batch provided the company with valuable mentorship and resources to accelerate its growth. Despite being in the early stages of its development, Pana has already made significant strides in establishing itself as a key player in the fintech industry. The company's focus on providing innovative banking solutions to the Latino population in the USA and Latin America sets it apart from traditional financial institutions. With ongoing support from investors and a dedicated team, Pana is poised for continued growth and success.