Nepali-American Entrepreneur Builds Fintech to Cut Remittance Fees and Unfair Lending for Immigrant Families

Jay Agrawal, a former U.S. Army officer and CFA charterholder, rolled out two financial platforms in recent years designed to tackle systemic inequities in lending and money transfers, drawing on his personal experience with financial hardship and years in the finance sector.

Agrawal, founder of “AFNO” and “American Business Loans,” said his work is driven by a belief that traditional financial systems disproportionately favor the wealthy while leaving small business owners, immigrants and working-class families vulnerable to opaque fees and exploitative structures.

“I’ve seen how financial illiteracy and predatory lending trap people in cycles of debt,” Agrawal said in an interview. “Wealth is not built through shortcuts or luck, but through access to the right structures. AFNO was created to close that gap.”

Addressing remittance inequities

Agrawal said the idea for AFNO emerged after observing how immigrants sending small amounts of money abroad often pay disproportionately higher fees than those transferring larger sums.

“A student sending $50 for their mother’s medicine may pay a higher percentage in fees than someone sending $5,000,” he said. “That’s not accidental — it’s a design flaw, and it’s unfair.”

AFNO uses a flat-fee model intended to avoid penalizing low-value transactions, with a focus on immigrant communities, including the Nepali diaspora. Nepal receives more than $11 billion annually in remittances, accounting for over 26% of its gross domestic product, according to World Bank data.

Without paid advertising, the platform has attracted more than 200 users, Agrawal said, attributing early growth to trust within the community.

Beyond transfers: financial “wellness ecosystem”

Agrawal described AFNO as more than a remittance service, envisioning it as a broader “financial wellness ecosystem” that not only educates users but also acts on their behalf.

The platform aims to automate financial decisions such as debt restructuring and allocating savings into investments, particularly for users who lack the time or expertise to manage complex financial products.

“Most platforms give tools and expect users to figure things out,” he said. “We want to do the work for them.”

Reforming commercial lending

Through American Business Loans, Agrawal is also targeting inefficiencies in commercial lending, particularly for small and mid-sized property owners often overlooked by traditional banks.

He said many borrowers enter agreements without fully understanding key terms such as debt service coverage ratios, loan structures or prepayment penalties — gaps that brokers may exploit.

“The system thrives on that knowledge gap,” he said. “We’re not just funding deals; we’re providing proactive guidance.”

The company works with more than 150 loan programs and over 700 partners nationwide to match businesses with suitable financing options, while also advising on refinancing strategies and long-term implications.

Serving an underserved community

Agrawal emphasized that supporting immigrant communities, especially Nepalis, is central to his mission.

“This community works hard, builds lives in a new country while supporting families back home, yet continues to face unfair financial systems,” he said.

He added that his team deliberately chose a more challenging path by focusing on underserved populations rather than pursuing easier, more profitable ventures.

“Three years ago, we could have chosen something simpler,” Agrawal said. “But this community deserves a partner that doesn’t give up.”

The platforms have operated for several years without external investment, a point Agrawal said reflects their commitment to mission over scale.

The interview was originally published in the 14th anniversary special edition of Khasokhas.