At Xodus our vision is to be the leading digital banking solution for the global diaspora. Our Mission is to provide cross border banking solutions for unbanked and underserved populations.
US banks miss out on a $60B every year in revenue because they ignore a huge and powerful market; African immigrants.
A digital banking solution designed for African immigrants living and working in the US and other developed countries.
We partner with banks across continents, leveraging technology and expert banking compliance to provide immigrant families the freedom and access they deserve.
Xodus makes revenue from interchange fees, interest on deposits, interest and fees on loans, global money transfer fees, and value added services.
In the last 3 months, our team of compliance experts have been able to engineer banking relationships with several US banks to launch our product to a financially excluded market.
Unbanked and underbanked African immigrants who desperately need equitable financial services.
African immigrants contributed $140 billion to the US economy in 2020 alone.
The Neobanking market:
In 2021 African diaspora families living in the US and Europe sent $90B in remittances back to Africa. With numbers increasing every year.
Bank Greenwood
Chime
Xodus is being built by and for immigrants.
Our distinct advantage is that banking compliance is our edge; supported by a strong compliance team. We take the perceived risks and biases that banks have with banking immigrants; and through compliance, we de-risk the process to provide banking services.
To be the leading digital banking solution for the global diaspora.
Jelani Sutherland (CEO/Founder) is a decorated United States Air Force combat veteran and a seasoned former airline pilot (captain) with 2 major airlines. Jelani developed proven leadership and unique problem solving skills from his military and aviation career. However, as an immigrant to the United States as a teen, Jelani had a unique lens to experience the same pain points many immigrants experience without equitable banking access from his time living in the Caribbean and in Africa. This led him to launch of Xodus Technologies Inc., a digital banking platform with a mission to create financial inclusion for those in the African diaspora and other emerging markets.
James DeFrantz (Head of Compliance), CRCM, CAMS, J.D., has more than 30 years of experience in the financial service regulatory industry. He has served as a senior compliance examiner at the Federal Reserve Bank in San Francisco and has spent time as an analytical manager at the Office of Thrift Supervision as well as a commissioned national bank examiner at the Office of the Comptroller of the Currency. He also is a certified regulatory compliance management and anti-money laundering specialist.
Carlton West (Chief Technology Officer) worked in the fast-paced, merger-oriented community banking sector as a senior technology and operations manager in such institutions as Republic Security Bank, BankAtlantic, Union Bank of Florida, BankUnited, and Florida Community Bank. In 2011 Mr. West was hired as the Senior Vice President, Chief Information and Operations Officer for City National Bank of New Jersey (CNB). Mr. West works as a Sr. Vice President for Service Finance Company, LLC, a wholly owned subsidiary of Truist. Currently working from within banking to assist Fintechs in leveraging cloud utility platforms such as AWS to provide innovative services to the un-banked and under-banked domestically and internationally.
Collectively, our experience in this space makes us uniquely prepared to build this solution.
Xodus is raising a $1,500,000 pre-seed SAFE. The funds will be used for the following: