Doola Debuts US Banking for Global Businesses

Doola, a business banking company, has debuted a new banking product for international businesses to be able to open a U.S. bank account remotely from anywhere, a press release said Thursday (May 12).

There will be no U.S. Social Security number needed. Founders will be able to register an LLC, DAO LLC or C Corp through the service. They’ll get an employer identification number from the IRS, a bank account, and U.S. address.

After that, the release says doola helps with ongoing compliance with the state and IRS.

It will also handle a business checking account, domestic and international wire transfers, virtual cards, a physical debit card to be mailed to the account owner, and tools to integrate with a company’s U.S. entity.

Doola CEO Arjun Mahadevan said, “Founders globally don’t actually want a company; they want a way to accept payments globally in the U.S. dollar, or accept investment from U.S. investors. Doola Banking 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. It’s click button, get company plus EIN plus bank account, and ongoing compliance including state and IRS filings are taken care of. As our customers like to say, we’re a Business-in-a-Box.”

In other global B2B news, OwlTing, a blockchain services company, has teamed with digital payment startup Nium to help power OwlPay, a new real-time cross-border pay service.

Read more: Blockchain Firm OwlTing, Nium Launch B2B X-Border Payments

The companies said the new service will cover automatic reconciliation, online currency swaps and cross-border pay services for eCommerce and travel sectors in Southeast Asia.

“Using developer-friendly APIs, OwlPay connects to business’ internal management systems and provides a one-stop service for the administration of orders and providers, financial reconciliation, online audit and payment process automation,” the release said.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

https://www.pymnts.com/news/banking/2022/doola-debuts-us-banking-for-international-businesses/

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