Director has raised in an initial round 2 million dollars distributed among a large number of funds to build a neobank with a product designed specifically for women living in Latin America and the Caribbean. The company managed to attract 115,000 women to its waiting list.
In addition to this initial round, the startup has also signed an agreement with Visa. It is a long-term strategic association agreement. Director you will be able to take advantage of Visa's resources and products to create your payment products.
"Visa believes in the empowerment of women," Sonia Michaca, Senior Director of Financial Technology Partnerships at Visa for Latin America and the Caribbean, Sonia Michaca, said in a statement. “Financial and digital inclusion transforms economies. Women, who control most of the daily household spending, should be at the center of this transformation, yet women are largely underserved by traditional banks. We are delighted to partner with Director, a platform led by women in Latin America and the Caribbean, and which explicitly serves the financial needs of women in the region”.
The team behind Director believes that banks have neglected women for too long. Even neobanks have been designed primarily for male customers in the first place. It does not necessarily mean that women cannot open an account at a neobank. But some product decisions are not meant for women.
When the founder and CEO of Director, Emma Smith, presented the initiative, listed some of the reasons why the majority of people in Latin America who currently do not have a bank account are women. For example, minimum balance requirements are not favorable to women who earn less than men.
When it launches Director, the company will allow you to open a bank account for free from a mobile application. A visit to a bank branch is not necessary. After that, you will receive a Visa debit card. There will be a built-in savings feature and incentive program.
The startup plans to launch its product first in Mexico, then in Colombia and Central America. Director it is not the first challenger bank to try to diversify from the unified banking offering. There are several startups trying to create vertical banks, such as children's banks (Green Light o Step) or banks for clients focused on climate change (Aspiration). And now Director is creating a specific bank for women.
