Velo
Velo by East West Bank is a digital banking platform serving non-U.S. residents, primarily in Greater China, with remote U.S. account opening, cross-border transfers via Zelle and Alipay, and a mobile-first product suite spanning checking, savings, credit, and wealth services.
- Company typePrivate
- Founded2019
- HeadquartersPasadena, United States
- Headcount—
- GTM typeB2B and B2C
- OfferingServices
What Velo does
Velo by East West Bank is a digital banking platform launched in 2019 as a wholly-owned brand of East West Bank (NASDAQ: EWBC), targeting individuals and businesses living outside the United States — primarily in Greater China and increasingly in India — who need U.S. banking services. The platform enables remote U.S. bank account opening without branch visits or video calls, supports government IDs from China, Hong Kong, Taiwan, India, and the U.S., and provides multilingual customer service in English, Mandarin, Cantonese, and Spanish via phone lines in the U.S., China, Hong Kong, and Taiwan. Its core product suite includes Global Checking (with a Velo Gold enhanced tier launched in 2025), Premier High Yield Savings (up to 2.50% APY for balances of $25,000+), a Global Student Account, Certificates of Deposit, a Secured Credit Card, Home Loans, and Wealth Serviced advisory.
The platform is delivered through native iOS and Android mobile apps, a Tencent MyApp distribution channel, and a web-based Online Banking platform, with device-level biometric authentication (Touch ID/Face ID), Visa debit card support usable in 200+ countries, and built-in transfer rails including Zelle, Alipay, domestic and international wires, and ACH bank-to-bank transfers. WeChat integration supports account alerts for China-based customers, and QuickBooks Direct Connect is available for business banking. For the enterprise segment, Velo provides cross-border business banking with dedicated relationship bankers supporting foreign companies opening U.S. corporate accounts.
Revenue is generated through interest spreads on deposits and credit products, account and maintenance fees (e.g., a $300 opening fee and $25 monthly maintenance fee on Premier High Yield Savings), wire transfer fees ($15 outgoing domestic, $60–$70 for business and foreign wires), and debit card interchange revenue. Go-to-market is digital-first and self-serve for consumers (with PLG characteristics: remote application, no branch visit required), supplemented by employer partnerships (Velo for Professionals), a $20-bilateral referral program, content marketing via the Reach Further blog, and dedicated inside-sales support for business banking clients. Velo is a subsidiary brand within East West Bancorp's $69.6B-asset franchise and does not disclose standalone revenue, headcount, or customer metrics.
Velo firmographics
Firmographics- Name
- Velo
- Legal name
- Velo by East West Bank
- Website
- https://velobank.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Short description
- Velo by East West Bank is a digital banking platform serving non-U.S. residents, primarily in Greater China, with remote U.S. account opening, cross-border transfers via Zelle and Alipay, and a mobile-first product suite spanning checking, savings, credit, and wealth services.
- Ownership category
- akta.pro rank
Velo industry classification
Industry- Product category
- Digital Banking
- NAICS
- Commercial Banking (52211)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Customer Experience & Engagement (CRM, Support, Rewards, Loyalty) (FSAGAAAM)
- akta.pro secondary industries
- Student & Youth Banking (FSABAAAH), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)
Keywords
Where Velo is headquartered
LocationHeadquarters
- HQ city
- Pasadena
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Velo business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Interest Income: Earn interest spreads on customer deposits and credit products including secured credit cards and home loans.
- Account Fees: Monthly maintenance fees, account opening fees, and various service charges. Premier High Yield Savings charges $300 opening fee and $25 monthly maintenance fee.
- Wire Transfer Fees: Fees for domestic wire transfers ($15 outgoing), international wire transfers, and incoming wire transfers.
- Debit Card Cash Back Program: Third-party service provider manages merchant cash back rewards. Bank earns interchange revenue on debit card transactions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Premier High Yield Savings - Tiered APY based on balance |
| Transaction based/ take rate | Pay-as-you-go | Business Fee Schedule |
| Transaction based/ take rate | Pay-as-you-go | Debit Card Cash Back Program |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Velo product offering
Product offeringCore offering
Velo by East West Bank is a digital banking platform that provides U.S. bank accounts, savings, credit, and wealth products to non-U.S. residents—primarily customers in Greater China, Hong Kong, Taiwan, and India—who can open accounts remotely via mobile app or online banking without visiting a branch. It also offers cross-border commercial banking services for businesses in Greater China needing U.S. accounts, FX, and wire transfer capabilities, delivered through the Velo Mobile App and Online Banking platform backed by East West Bank.
Product overview
Velo by East West Bank is a digital banking platform — a brand of East West Bank (NASDAQ: EWBC) — offering a portfolio of U.S. banking products and services primarily designed for individuals and businesses living or operating outside the United States, with a focus on the Greater China market. The core product suite includes Global Checking (with a Velo Gold enhanced tier), the Premier High Yield Savings account, a Global Student Account, Certificates of Deposit, a Secured Credit Card, Home Loans, and Wealth Serviced. Supporting transfer features include Zelle, Alipay Transfers, domestic and international wire transfers, bank-to-bank ACH transfers, and internal transfers with a Red Envelope (hongbao) option. The offering is delivered through the Velo Mobile App (iOS/Android), Online Banking, and a web-based platform. Additional programs include the Family Bridge (linking student and family member accounts), a Debit Card Perks cash back program, a Referral Program, and Velo for Professionals (employer-sponsored banking benefits). For businesses, Velo provides cross-border banking services including U.S. corporate account opening for foreign companies.
Differentiator
Problem solved
Functional benefit
Brands
- Velo Gold: Premium tier program under Global Checking offering enhanced features and benefits for qualifying customers
Products and services
- Global Checking
Quantifiable outcome
- Up to 2.50% APY on Premier High Yield Savings accounts
- +2 more outcomes
Companies that use Velo
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Velo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature4 records
Velo partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- WeChatcoreWeChat integration allows Velo customers to receive select account alerts via the WeChat app. Customers must follow Velo by East West Bank in WeChat and enroll in WeChat Alerts using the Mobile App.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Velo competitors and assessment
Company assessmentDirect peers
- Bluevine: Bluevine is a digital banking platform for small businesses offering checking, payments, and credit products. Comparable to Velo's Business Cross-Border Banking Services in serving SMBs with a digital-first, self-serve model.
- Lili: Lili is a digital banking platform targeting freelancers and self-employed individuals. Comparable to Velo's freelancer and remote worker segment in offering digital-first banking with specialized tools for non-traditional income sources.
- Relay Financial: Relay Financial is a digital SMB banking platform offering checking, savings, and bill pay to small businesses. Shares Velo's digital-first distribution, fee-based revenue model, and small business focus.
- Novo: Novo is a digital banking platform built for small businesses and entrepreneurs. Like Velo's business banking, it emphasizes a streamlined digital onboarding experience, integrated invoicing, and absence of physical branches.
- Found: Found is a digital banking platform for self-employed individuals and small business owners, offering tax tools and accounting integrations. Shares Velo's mobile-first approach and focus on underserved customer segments.
- Mercury: Mercury is a digital-first business banking platform targeting startups and cross-border companies. Like Velo, it emphasizes remote onboarding, integrated tooling (in this case for businesses rather than individuals), and serves customers needing US bank accounts outside the traditional branch network.
Emerging players
- Wise: Wise is a cross-border money transfer platform offering multi-currency accounts and low-cost international transfers. While primarily a payments platform, it competes with Velo's international wire and Alipay transfer features for cross-border money movement.
Broad incumbents
- HSBC USA: HSBC USA is a large international bank with a strong presence in Greater China and cross-border banking services. While not digital-only, it serves a similar customer base needing US banking services from international markets, competing with Velo's premium product tiers.
- ICBC USA: ICBC USA is the US subsidiary of Industrial and Commercial Bank of China, one of the world's largest banks. It serves Chinese businesses and individuals needing US banking services, directly competing with Velo's Greater China customer segment.
- Charles Schwab Bank: Charles Schwab Bank offers international banking services and investment accounts accessible to non-US residents. While broader in scope, it competes with Velo's Wealth Serviced offerings and serves a similar high-balance customer segment seeking US financial services.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Velo social profiles
Digital presenceVelo compliance and trust
Trust signalCompliance2 records
Velo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Velo leadership team
Management profileNumber of profiles
Velo subsidiaries and ownership
Company hierarchySubsidiaries1 record
Velo funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Velo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Velo
What does Velo do?
Velo by East West Bank is a digital banking platform that provides U.S. bank accounts, savings, credit, and wealth products to non-U.S. residents—primarily customers in Greater China, Hong Kong, Taiwan, and India—who can open accounts remotely via mobile app or online banking without visiting a branch. It also offers cross-border commercial banking services for businesses in Greater China needing U.S. accounts, FX, and wire transfer capabilities, delivered through the Velo Mobile App and Online Banking platform backed by East West Bank.
Is Velo a public or private company?
Velo is a private company. It is classified as corporate owned and is currently operating.
When was Velo founded?
Velo was founded in 2019.
Where is Velo based?
Velo is headquartered in Pasadena, United States, in the North America region.
How does Velo make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are account Fees, wire Transfer Fees and debit Card Cash Back Program.
Who are Velo's main competitors?
Direct peers on record are Bluevine, Lili, Relay Financial, Novo, Found and Mercury. Wise is listed as an emerging player. Broad incumbents are HSBC USA, ICBC USA and Charles Schwab Bank.
Does Velo have an API?
No public API is recorded for Velo.
What industry is Velo in?
Velo's product category is Digital Banking. Its primary akta.pro industry code is FSAGAAAM, Customer Experience & Engagement (CRM, Support, Rewards, Loyalty), with a secondary code of FSABAAAH, Student & Youth Banking. Its NAICS code is 52211 and its SIC code is 6021.