Mexican fintech DolarApp raised $70M from Sequoia Capital and Founders Fund.
Dollar App is a dollar USDc account where users can receive, send, and pay in pesos or dollars. Through DolarApp, users can also save in USDc and pay with a global Mastercard that offers up to 4% cash back.
With the funds, the fintech will transition its brand from DolarApp to ARQ. ARQ will integrate services including the buying and management of digital dollars and euros, cross-border payments, international cards for travel and online purchases, digital-dollar investment tools, and credit products.
ARQ reports more than 2 million users across Latin America and over $10B in annualized transaction volume. ARQ also employs more than 100 people across New York, Buenos Aires, São Paulo, Kraków, Mexico City, Bogotá, and London.
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