doola announced today that they have launched a fintech product for global businesses that will allow founders to deposit USD and move money internationally, remotely, from any continent, with no US Social Security Number required. Founders globally can now register an LLC or C Corp through doola, get an EIN (employer identification number) from the IRS with doola, and set up their initial payment stack all in one go. It doesn’t stop there: It also provides ongoing compliance with the state and IRS to keep companies compliant, making it an all-in-one platform for founders to launch, maintain, and grow their US businesses.
doola’s fintech product, doola Money will include an ACH account to deposit and store funds in USD or deposit USD payouts from a payment processor, like Stripe or Paypal. Businesses will also be able to safely move money using international wires anywhere in the world via USD, EUR, GBP, SGD and AUD. Utilizing local payment rails globally, it provides speed, savings, and simplicity; take India as an example, which has traditionally been a difficult country to send funds to from the US. This product plugs into a UPI in India, so when customers trigger a payout to their local INR account, it shows up in full value in a matter of minutes (vs. days) in INR for a small fee.
“For any business, whether it’s a venture-backed SaaS startup with a Delaware C Corp or a solopreneur bootstrapping an e-commerce business, having a trustworthy, stable, and scalable banking + payments stack is critical. Through this product, international founders can seamlessly access the US financial ecosystem, including US banking, US payment solutions, US venture capital, and more,” said Jacqueline Reses, an investor in doola, Co-founder and CEO of Lead Bank.
Arjun Mahadevan, CEO, doola, said, “From day one, we’ve known that doola is not a formation service. We’re a fintech company. Founders and creators worldwide don’t actually want a company; they want a way to accept payments globally in the US dollar, safely store those deposits and have the ability to seamlessly move that money globally. doola Money provides the best of business banking with everything you need to move money from anywhere in the world. And it makes our platform the fastest way to go from formation to accepting your first payment/deposit globally. Why? Because we do it all in-house. With the click of a button, you get a company + EIN + ACH deposit account and ongoing compliance, including state and IRS filings, taken care of. As our customers like to say, we’re a Business-in-a-Box™, and the launch of doola Money brings our day-one vision to reality.”
