This month, we’re highlighting the diversity of our startups by featuring the stories of women founders from around the globe who inspire us every day. Caroline Span is the cofounder of Welcome Account, an innovative fintech solution that brings financial inclusion to underserved groups. Their multilingual platform uses AI to help recent immigrants open bank accounts and access financial services in their new countries, eliminating language and administrative barriers.
Welcome Account: Financial inclusion for all
Caroline Span has devoted her career to inclusion in all forms. As the head of La Mednum, the leading actor in digital inclusion in France, she works to reduce the digital divide and guarantee access for all to online services. Under her management, La Mednum has contributed to the development and launch of an information platform to help refugees integrate into society.
Through her newest project, Welcome Account, she pursues her commitment to a more equitable society by removing barriers that prevent vulnerable groups from fully exercising their rights.
An app on a mission
Exiled people can face a variety of hurdles as they look to open new bank accounts which presents a major obstacle in their social and economic integration. To overcome this, Span partnered with Rooh Savar, the President of Singa, which is an organization dedicated to supporting refugees. Together they created Welcome Account, a solution enabling exiled people to open a bank account without administrative or financial hurdles.
Founded on the belief that financial inclusion is an essential part of successful integration for new immigrants, Welcome Account is a fintech community platform dedicated to providing innovative and inclusive financial solutions for all new arrivals to Europe. Opening a bank account can be challenging for new immigrants, especially if there is a language barrier. Welcome Account uses technology to facilitate access to basic financial services.
Welcome Account’s innovative solution with Azure OpenAI Service
The financial industry is undergoing a major transformation, with an increasing focus on inclusion and accessibility. Fintech startups are playing a crucial role by offering solutions tailored to populations often overlooked by traditional institutions. Welcome Account is at the forefront of this trend, combining advanced technology with a human-centered approach.
Welcome Account is a multilingual financial application featuring a conversational agent based on Azure OpenAI Service. This virtual agent guides users through the various stages of financial management and administrative procedures, all in their native language. Welcome Account is committed to linguistic diversity to meet the specific needs of immigrant communities. This personalized approach makes new arrivals feel supported and understood, reducing the stress associated with settling in.
The use of AI—particularly Azure OpenAI Service—enables the app to create personalized and effective user experiences. This technology offers deep contextual understanding, making interactions more natural and intuitive.
Microsoft’s contribution to Welcome Account’s development
Collaboration with Microsoft has been crucial to the development and deployment of Welcome Account’s solutions. By integrating Microsoft’s generative AI startup program, Welcome Account was able to create customized virtual agents, democratizing access to financial services for immigrants in France. This integration has enabled the development of a multilingual financial application with agents based on Azure OpenAI Service able to converse in users’ chosen languages.
Using Azure OpenAI Service has also enabled Welcome Account to benefit from cutting-edge AI models, such as GPT-4, which offer deep contextual understanding and more natural interactions with users. This collaboration was essential in developing a scalable and secure solution, capable of adapting to the specific needs of each user.
Overcoming challenges
To raise funds, Welcome Account needed more trusted, reliable partners in addition to Microsoft. Thanks to the financial support of several angel investors, they managed to raise one million euros to develop our service. They also won several competitions that came with great financial prizes.
Finding a partner like OKALI, a pioneer in the Banking-as-a-Service (BaaS) space, was key for Welcome Account’s success. It enabled them to benefit from the Electronic Money Institution license of an established international BaaS business, guaranteeing the compliance and solidity of Welcome Account’s offering.
Another challenge was ensuring a viable business model while maintaining Welcome Account’s social mission. While financial inclusion remains the company’s focus, their platform has found applications in the business world as well.
Broader business applications for Welcome Account
European companies frequently recruit international talent to enrich their teams. However, integrating these foreign employees presents major challenges, including opening a bank account in a foreign country. They may also face language barriers and administrative complexities, and any delay in opening an account can delay salary payments. This can also put a strain on the resources of HR departments. Welcome Account can simplify access to financial services for new arrivals in Europe.
In addition to conversational agents in users’ native languages, the application also offers features such as rapid account opening, simplified transaction management, and educational tools to help users understand the European financial system. Working closely with employers, Welcome Account ensures that international employees receive their salaries without delay, while relieving HR departments of the complications associated with traditional banking procedures.
If your company welcomes international talent and wants to facilitate their financial integration, or if you’re a newcomer looking for tailored banking solutions, Welcome Account is here to help.
Welcome Account is growing and looks to become the leader in financial inclusion for new arrivals in Europe and in the immigration economy. Founder Caroline Span sees huge market potential for the platform, and she hopes to build a future where financial inclusion is accessible to all.
