Banks, fintechs weigh fallout from H1-B work visa restrictions

Photo by Juliana Kozoski on Unsplash. Article by Suman Bhattacharyya.

Opening a Vancouver office gives corporate card startup Brex a workaround. Others may rely on remote consultants.

An international team of employees helps Novo, a New York City-based business banking startup, stay competitive in a crowded market.

“We look at whoever can fill the job in the best way; it doesn’t matter where they’re from,” said Tyler McIntyre, the company’s co-founder. “We are one of the lucky people who have counted on H1-B [visa] workers on our team.”

Novo has 15 staff members in New York and a 25-person team in India. Two of the company’s U.S. employees are on H1-B visas, and three others hold other types of work visas. Recruiting worldwide lets the company fill specialized roles for which there my be no qualified local candidates.

“There’s only a handful people who understand how the financial system works for some of these components,” said McIntyre, adding that one of his visa workers is performing time series modeling of bank transaction data to spot abnormalities using artificial intelligence (AI). “That’s a very specific use case that we’re looking for.” […]

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