doola announced that they have launched a product for businesses that will allow founders to open a US bank account from any continent, with no US Social Security Number required. Founders can now register an LLC, DAO LLC, or C Corp through doola, get an EIN (employer identification number) from the IRS with doola, and open a US bank account with doola.
How does doola’s product work?
doola also provides ongoing compliance with the state and IRS to keep firms compliant, making doola an all-in-one platform for founders to launch and grow their US business.
doola’s banking product will include a business checking account along with domestic and international wire transfers, virtual cards, a debit card that is mailed to founders anywhere in the world, tools and features to seamlessly integrate with your US entity, and more.
“For any business, whether it’s a venture-backed SaaS startup with a Delaware C Corp or a solopreneur bootstrapping an e-commerce business, having a stable, and scalable banking + payments stack is critical,” said Jacqueline Reses, Chairman of the Economic Development Council at Federal Reserve Bank of San Francisco, and Former Head of Square Capital.
“Through doola, international founders can seamlessly access the US financial ecosystem, including US banking, US payment solutions, US venture capital, and more,” Jacqueline said.
What are the executive’s thoughts on the product?
Arjun Mahadevan, CEO, doola said, “From day 1, we’ve known that doola is not a formation service. We’re a fintech. Founders globally don’t actually want a company; they want a way to accept payments globally in the US dollar, or accept investment from US 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 + EIN + bank account, and ongoing compliance including state + IRS filings are taken care of. As our customers like to say, we’re a Business-in-a-Box,” Arjun concluded.