Element 46 is a startup accelerator program founded within the rich ecosystem of Westchester County, home to a wealth of successful businesses and entrepreneurs.
One of those successful businesses is Adro, a financial technology company helping international students and workers in the United States access banking products. Its founders Sara Schmitt, Amarildo Gjondrekaj, and Kevin DeArmond graduated from Element 46’s multi-week virtual curriculum with new connections, pitching opportunities, and investment plans.
As of today, Adro has raised over $2 million in venture capital funding, and has over 6,000 users from more than 100 countries on the platform.
“When we talked to people coming to the United States, financial stress was a common thread in all of their experiences,” says Schmitt. “It was the thing they all consistently called out. It’s a pain point. We talked to people and that’s what led us down the path to Adro.”
The three fintech experts previously worked at companies like Mastercard, Amazon, and Uber, but asked themselves “how can we build this better?” regarding payments and banking for international folks. As adjunct professors at universities in the New York City metro area, they specifically saw students who struggled to get set up financially when they landed in the United States.
“One of the barriers was how long it takes to sign up for an account. You have to go physically to a bank and go for an interview and bring paperwork,” says Schmitt. “We said let’s use technology to make this easier and better.”
As part of the Fall/Winter 2023 cohort of Element 46, the same year Adro was founded, they took advantage of the facilitated team-building sessions, access to professional service providers, and event networking opportunities.
“It was really helpful to get more rooted in the Westchester community and get connections to mentors and businesses, particularly schools, in the county who could support us in our very early stages,” says Schmitt. “We were also fundraising, so it was the booster to get our story in shape and figure out our pitch and narrative to actually raise the money we needed to build the product.”
It’s a program that Schmitt recommends to other entrepreneurs, no matter what stage you are at. The founders of Adro left with connections to more schools, including Manhattanville and Iona, secured their lead investor, and were making way on securing their bank investor. “Those were big milestones that came right after we graduated from Element 46,” says Schmitt.
For others considering entrepreneurship, Schmitt says “dive in.”
“Get out there and try to talk to real people who might buy or use your product in some way,” says Schmitt. “Test and see if they actually will. When you feel confident and ready, do it. It’s going to be a lot of work, especially if you’re a solo founder or a very small team. Be ready for those long days and late nights.”
But she doesn’t think that should discourage anyone considering starting a business.
“If you’re passionate about it and you see a need, it’s an exciting chance to take,” she says.
A career in technology/AI might be right for you if:
- You’re flexible and don’t mind learning new things on a regular basis.
- You’re comfortable with remote work or spending long periods of time in front of a screen.
- You feel motivated to discover how technology can be used to solve problems.
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