Velo

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.

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

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

• Digital banking
• Cross-border banking
• Consumer banking
• International student banking
• High yield savings

Headquarters

HQ city

Pasadena

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income: Earn interest spreads on customer deposits and credit products including secured credit cards and home loans.
2. 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.
3. Wire Transfer Fees: Fees for domestic wire transfers ($15 outgoing), international wire transfers, and incoming wire transfers.
4. Debit Card Cash Back Program: Third-party service provider manages merchant cash back rewards. Bank earns interchange revenue on debit card transactions.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

One partnership is on record.

• WeChatcoreTechnology or IntegrationWeChat 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

Direct 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

• Facebookfacebook.com/eastwestbank.us
• LinkedInlinkedin.com/company/east-west-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Velo