Techstars Payments Powered by Stellar and MoneyGram Accelerator

Next up in our founder and company feature series let's meet RUTH GH and Braulio Alejandro Ramirez Montiel with CashAbroad! "What problem are you solving?" Importers and exporters still rely on antiquated financial systems, constrained by banking hours, dependent on account managers, and exposed to currency risks that affect their profit margins and day-to-day operations. In 2022, a staggering $56T was exchanged globally through import and export activities. Despite these businesses being the backbone of our global economy, they remain significantly underrepresented. "What makes your solution unique?" CashAbroad is an all-in-one platform that enables companies to make international payments directly 24/7, exchange currencies, and instantly access digital dollars, euros, and other currencies through a wallet. It also offers short-term loans for your import and export activities. "Why now?" Latin America and Mexico are emerging as strategic locations for supply chains. This is primarily due to a shift in economic distribution that is prompting companies to consider Mexico for nearshoring. Additionally, Mexico initiatives like the Interoceanic Corridor are forging stronger connections between Asia and Europe. In 2023, Mexico surpassed China to become the largest trading partner of the United States, with imports amounting to 255 billion dollars. Given the anticipated growth in international trade, the current climate presents a golden opportunity to innovate financial services within the import and export industry. "Why are you the team to win?" Ruth and Braulio's experience in companies such as PwC, Sony, Telmex and Walmart, extensive knowledge in payments, and passion for international commerce have given them a unique advantage in introducing new solutions to the industry.

Next up in our founder and company feature series let's meet Hope Bernard and Yativo! "What problem are you solving?" Integrating payouts to LATAM for foreign companies is hard. You’d need at least to 3 SLAs per country, because payouts from global giants like Stripe or Wise take up to 5 business days to arrive. Most Local partners also require a local entity for partnerships, and don't process payouts outside of work hours. "What makes your solution unique?" We built Yativo, a digital payouts infrastructure partner for foreign businesses operating or looking to expand to LATAM. Unlike our competitors, we process instant payouts 24/7, and support over 30 currencies in one dashboard. Our back office settlements are done via stablecoins, enabling us move funds faster and at a lower cost. We offer our users Payouts  to their recipient’s preferred payment methods, which include banks, wallets,stablecoins or even cash. "Why now?" According to Forbes, “The report projects that the Latin American digital economy will almost double by 2026, reaching $944 billion in value. Calculated at a compound annual growth rate (CAGR) of 23% based on data from PCMI” It is our vision to connect LATAM to the world and provide businesses with an infrastructure that allows them initiate instant payouts to and within the region. "Why are you the team to win?" With over a decade of experience in remittances, our team comprises African founders who have worked with similar platforms in Africa. Our determination, consistency and experience is the bedrock of our success.

Next up in our founder and company spotlight is William Mejia founder of Zimago (Techstars)! "What problem are you solving?" Zimago addresses the challenge of high employee turnover. "What makes your solution unique?" Our solution stands out due to its comprehensive approach to addressing the root causes of employee turnover. By integrating financial education, access to loans, and essential services within its employee wellness marketplace, Zimago empowers employees, boosting overall well-being and retention. "Why now?" Now is the perfect time for Zimago's solution because businesses are increasingly aware of the impact of high turnover rates, and employees are prioritizing well-being over salary. This highlights the importance of our solution, where integrated wellness amenities are seen not as a luxury, but as a strategic necessity to promote well-being, enhance retention, and drive organizational success. "Why are you the team to win?" Our team's unique blend of firsthand experience in addressing the problem we're solving, from both the company and employee side, positions us uniquely to create effective solutions and drive positive change for businesses.

For our next founder and company feature post - get to know Victor Espinosa and Loto Punto! "What problem are you solving?" Mobile Money Agents are rapidly expanding as the preferred payment method in Latin America, especially for unbanked users (70% of population) who prefer cash. They handle recurrent transactions such as bill payments and deposits, which imply high labor, rent, and operational costs that significantly reduce their earnings. Daily, these agents go to banks with significant amounts of cash to maintain service operations. It’s an inefficient and risky business. "What makes your solution unique?" Loto Punto is a self service kiosk for payments, payouts and remittances, which automates the risky and time consuming work of cash management and customer service, currently being done manually by Mobile Money Agents. These are installed for free in convenient stores, drugstores and gas stations, where loyal unbanked communities go everyday. It is a gateway for 12 thousand financial services in banking, utility bills, cell phone top ups and digital wallets, able to integrate with Digital Identity and Open Banking to process physical payments with high standards of security and fraud prevention. "Why now?" The Mobile Money Agents sector in Latin America represents a robust market worth $100 billion, that’s been expanding exponentially by 40% annual growth rate since 2020. These operators still maintain dominance as digital transactions are very costly and restrictive. Our innovative approach is aligned to the cash-centric culture, while leveraging Artificial Intelligence, Robotics and Crypto to minimize operational expenses and bolster transaction security, enhancing the customer experience. "Why are you the team to win?" Backed by the Colombian Government, Google, and AWS, Loto Punto team excels in agile innovation with a hardware and software solution that is promoting community growth and financial empowerment. With traction and proven business and negotiation skills, plus data science acumen, we’re driving the company’s expansion with relentless focus. Victor Espinosa is a Business Manager currently pursuing a Master of Science degree in Computer Science at Georgia Institute of Technology (Atlanta, GA).

Next up, let's meet Jesús Gómez Solís and Arturo Arista Rodríguez with Lounn! "What problem are you solving?" At Lounn, we are convinced that access to financing is the missing ingredient needed to ignite economic growth. Just in Mexico, where there are 5 million SMEs, only 10% have access to formal financing. This is due to exorbitant interest rates, a lack of specialization in the workforce, asymmetric information, and complicated processes that consume a lot of time and resources that SMEs do not have. "What makes your solution unique?" Our unique data-analytic system seeks out the perfect credit offer tailored to users' profiles and needs, ensuring the best fit possible, saving businesses months of work "Why now?" Thanks to technological advancements, we have reached a singular moment where the accessibility of data and AI-driven analytics empowers us to streamline processes, making them quicker and more user-centric. This progress paves the way for a more equitable and transparent market, thus facilitating the reduction of the financial gap affecting millions of SMEs across Latin America. "Why are you the team to win?" Passion and experience in finance, technology, and entrepreneurship; there is no one in Latin America who knows the problem better than we do, having worked one on one with hundreds of entrepreneurs on the issue for over 15 years.

Next up in our founder and company feature series meet Stéphanie Joseph and Clifford Reginald NAU with Kura (Techstars Payments '24)! "What problem are you solving?" More than 90% of remittances in the US-LAC corridor are meant for the consumption of essential goods and services. Yet, merchants and service providers have no way to capture these revenues directly at their points of sale.  Up 10% of the total value of transfers end up wasted in inefficiencies and fees. These losses can be redirected to enable SMBs and enterprises to grow sustainably. On the other hand, immigrants in North America sending money in Latin America and the Caribbean are facing significant challenges because of the lack of visibility of remittances usage. Kura is solving these challenges by bringing an alternative to this broken and dated remittance model. We are streamlining cross-border payments, enabling merchants to get paid directly, and bringing increased visibility in the entire transaction value chain. "What makes your solution unique?" Kura is changing the cross-border payment industry by seamlessly integrating with merchants located in Latam and the Caribbean who will be able to directly accept cross-border payments from North America eliminating the need for end-recipients to withdraw cash or even to have a bank account. Leveraging powerful technologies such as Blockchain and AI/ML, Kura can execute near-instant transfer of actual value across borders while mitigating fraud for merchants at the points of sale. "Why now?" Behavioral changes: As immigrant populations continue to grow economically, there is more awareness about financial wellness and smart spending. According to CENFRI, 71 % of remittance senders would use a product that enables categorizing of money transfer, if this product existed. Emerging technology trends: Traditional payment and banking rails no longer suit our digitally-connected world. Blockchain offers the advantage of enabling secure, transparent, and near-instantaneous transactions, making it the most viable alternative to traditional settlement methods. "Why are you the team to win?" Our team has a unique set of experiences ranging from strong operating experience in fintech, innovation strategy, and policies in emerging markets. Stephanie is a Harvard MBA who brings a wealth of experience in financial services, digital payments, and product innovation at Fortune 100 institutions such as Ernst & Young and American Express. She also brings product management experience from high-growth fintech startups based in Kenya and South Africa. Clifford is a MIT Sloan MBA Fellow and a Fullbright scholar who acted as economic advisor to both public and private sector organizations on business and technology ecosystem building and remittance strategies. He also built the first of its kind tech incubator to support multiple tech startups in the region.

Next up in our company and founder feature series - meet Joaquín Paños, Lucas Martinez, Ricardo Espinosa and Camila R. with Tumo (Techstars ‘24)! "What problem are you solving?" We provide a comprehensive tax solution for busy independent workers across Latin America who otherwise spend countless hours adhering to monthly filing requirements. "What makes your solution unique?" We specialize in remote workers receiving foreign currency payments, a user base that requires tailor-made services to handle their complex tax status. The service is provided through WhatsApp and on behalf of the workers. "Why now?" The exponential surge in remote contractors and freelancers across the continent coincides with increased government scrutiny for digital nomads and remote workers, who are looking for the easiest way to comply with the upcoming regulations. "Why are you the team to win?" With a diverse skill set, MBAs from leading US universities, and over 40 years of combined experience in tech, finance and management consulting across the Americas, we're primed for success.

Next up in our company and founder feature series - get to know Joaquin Fagalde and Marcelo Sanchez and their company, Depay ! "What problem are you solving?" We are addressing the need for payment processors and gateways to expand their service offerings to include cryptocurrency payments.  Our infrastructure allows our B2B clients to accept cryptocurrencies as a new payment method. This development responds to the market's growing demand for more versatile and global payment methods. "What makes your solution unique?" Our solution is distinguished by its B2B focus and interoperability, enabling payment processors and gateways to offer global cryptocurrency payments through an easy-to-integrate infrastructure. Unlike B2C wallet-based solutions, which require individual merchant adoption, Depay provides the necessary payment infrastructure for payment giants to enable global crypto transactions for their merchant networks. This approach not only facilitates merchant adoption but also expands the reach of cryptocurrency payments on a global scale. "Why now?" The timing for Depay is perfect due to the accelerated growth in cryptocurrency adoption and its widespread acceptance in the market. With more businesses and consumers looking for flexible and global payment solutions, there is a growing demand for payment infrastructures that can reliably support cryptocurrency transactions. We are at a turning point where both technology and the market are ripe for innovative solutions like ours, capable of facilitating the expansion of cryptocurrency payments to a broader audience. "Why are you the team to win?" Our team possesses a unique combination of experience, and deep technical knowledge in the cryptocurrency payment space. The experience of our founder, Joaquin, in leading pioneering crypto payment projects, along with the technical expertise and leadership of our expert, Marcelo, places us in a unique position to lead Depay to global leadership in crypto payment processing. Our team not only has the vision but also the proven ability to overcome challenges and turn visionary ideas into reality, making us the ideal team to win in this space.

Over the next few weeks we'll be highlighting all eleven of the innovative companies in our program and the unique solutions they have to some really complex problems. First up, get to know Diego Rojas Arancibia, Jhonny V. and Yara Lewensztain Zelaya & Sommos! "What problem are you solving?" We're addressing the lack of access to formal financial services for 17% of Latin Americans engaged in traditional rotating savings clubs (ROSCA) savings practices. "What makes your solution unique?" Our digital platform uniquely modernizes ROSCAs by integrating them with existing banking systems, thereby unlocking new avenues for financial inclusion and services. "Why now?" The digital transformation of financial services is accelerating, making this the ideal time to bridge traditional saving habits with innovative fintech solutions. "Why are you the team to win?" Our cofounders, including an Oxford scholar, a second-time founder and a former Salesforece engineer, possess the unique blend of cultural insight, technological expertise, and global perspective necessary to revolutionize financial inclusion in the region.

We are thrilled to announce the 11 #startups selected for the second class of the Techstars Payments Program powered by Stellar and MoneyGram! These 12 incredible companies are focused on innovative fintech solutions addressing gaps across the payments infrastructure in emerging and underserved markets in categories like lending, investing, payments, personal financial management, financial literacy and infrastructure. Learn all about them via the link below - and be sure to follow us and stay tuned for more! CashAbroad / Depay / Guama / Lounn / Loto Punto / Sommos / Tumo / Zeenah LATAM / Zimago (Techstars) https://lnkd.in/ess_MYGc