Aeldra serves thousands of customers in the U.S. and India with a U.S. Bank Account* and a Mastercard Debit Card^.
In line with the Company’s focus on customer advocacy, the Aeldra account* is free. Aeldra does not charge customers any fees. There are no monthly fees, transaction fees or foreign currency markups. As an example of the value to customers, unlike other U.S. banks that typically charge $15 for an international wire credit, Aeldra has zero fees for international wires.
The Aeldra mobile App has been inspired by the Apple mantra “Simplicity is the ultimate sophistication”. The user experience and money movement functionality are designed to be extremely intuitive and easy to use even by customers not familiar with the U.S. banking system. The Aeldra App’s minimalist design hides the immense complexity in enabling cross-border banking*, with numerous integrations, latest technologies and proprietary machine learning algorithms under the hood.
All Aeldra customers’ funds, i.e. all funds that customers keep in their Aeldra account*, are held by Blue Ridge, which is a Member of the Federal Deposit Insurance Corporation, a U.S. Government entity. The FDIC – short for Federal Deposit Insurance Corporation – is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured* bank fails. It is backed by the full faith and credit of the United States government. Since the FDIC began in 1934, no depositor has ever lost a penny of FDIC-insured* funds. All funds in the Aeldra account* are insured up to $250,000 per depositor through Blue Ridge.
Blue Ridge FDIC Insurance Certification
Blue Ridge Bankshares Inc., the holding company of Blue Ridge Bank, N.A., is listed on the New York Stock Exchange (NYSE) American.
Blue Ridge disclosed the partnership with Aeldra in their annual 10-K Securities and Securities and Exchange Commission (SEC) filing for FY 2020: "The Company’s efforts to partner with fintech providers started gaining critical mass in 2020. The fintech business ended the year with four active partnerships, including Upgrade, Meritize, Flexible Finance, and Kashable, and six emerging partnerships for 2021 including Jaris, BNK.DEV/Ratchet, Aeldra, Grow Credit, MentorWorks, and Unit. Fintech relationships have resulted in approximately $47.0 million in deposits on the Company’s balance sheet at December 31, 2020."