FinTech news in bank transfers category

He led the building of the company on the rails of Latamex, Latin America’s largest fiat-to-crypto gateway that provides what he told journalist is a safe option for users to buy and sell crypto from exchanges like Binance. The company is now also working off of $15 million in seed funding from a group of investors, including Y Combinator, Race Capital, BlockTower, Danhua Capital, Signum Capital and Goat Capital. Ping users create a free account in U.S. dollars to receive bank transfers in either their local currency or crypto, including Bitcoin, Ethereum and Litecoin. The company was started in 2021 to solve payment challenges in Latin America, where about 70% of the population does not have a traditional bank account.

When DolarApp founders Zach Garman, Álvaro Correa and Fernando Terrés were living in the United States and Europe, they would spend time in Latin America, where they saw problems that friends were having when it came to finances and access to banking in dollars.

At $3 billion, Flutterwave is currently the highest valued African startup, surpassing the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash last year.

Yele Oyekola, a former product lead at Carbon, started Duplo based on his experience as an economic policy officer for the UN in Africa, where touring different countries opened his eyes to how people and businesses were heavily reliant on cash.

Other startups in the space using traditional banking infrastructure to make payments more efficient have hit a ceiling on how fast and cheap they can offer payments because of fees charged by these intermediaries, particularly between countries that don’t transact as regularly, said Paysail cofounder Nicole Alonso.