Adro, a New York-based technology company dedicated to providing financial services for international students and workers, has secured an additional $500,000 in pre-seed funding, expanding its total investment to $2 million. The new investment includes strategic backing from Empire State Development's NY Ventures and other notable investors, signaling strong support for the startup's mission to address financial accessibility for newcomers to the United States.
The funding round includes contributions from Empire State Development's NY Ventures, a state venture capital arm, and Jim Wiseman, President of Margaritaville Development. Additional investment came from Era, founded by Jasper Lau, demonstrating growing investor confidence in Adro's innovative approach to financial inclusion.
Amarildo Gjondrekaj, CEO and Co-founder of Adro, emphasized the personal significance of the investment, noting his own family's immigrant background. "We're laser focused on helping internationals get financially established in America," Gjondrekaj stated. The company aims to serve traditionally underserved and underbanked populations by providing essential financial services.
Empire State Development President Hope Knight highlighted the broader economic importance of supporting such initiatives, stating that Adro represents "inclusive entrepreneurship in action." The investment underscores New York State's commitment to fostering innovative solutions that create economic opportunities for diverse communities.
Looking ahead, Adro plans to launch US dollar business accounts next month, enabling international companies to expand their reach in the United States. These deposit-insured accounts will allow non-US companies to establish an operational presence, obtain an Employer Identification Number (EIN), and accept US card payments.
The startup has already garnered additional recognition, with Co-founder and COO Sara Schmitt being accepted into the Nasdaq Entrepreneurial Center Milestone Makers program. Adro has also been selected for the 2024 Hudson Valley Venture Hub Accelerator at SUNY New Paltz and is a graduate of Westchester County's Element 46 Tech Accelerator.
This investment represents more than a financial milestone; it signals a growing recognition of the critical need to support international professionals and students navigating the complex US financial landscape. By providing tailored financial services, Adro seeks to remove barriers and create pathways for economic integration and success.
