The Mexican fintech DolarApp announced it closed a $5M seed round led by Y Combinator and Kaszek Ventures. This round also included a group of over 50 angel investors.
DolarApp was founded in 2021 by ex-Revolut employees Zach Garman, Álvaro Correa, and Fernando Terrés. The startup’s app allows users to open a bank account and exchange pesos for USD Coins and vice versa in seconds. Users can also pay with an international Mastercard with up to 4% cashback and save in USD Coin. According to Hernán Kazah, founder and Managing Partner at Kaszek Ventures:
“DolarApp allows Latin Americans to manage their finances in USDc, protecting their savings in a stable currency and without the expensive banking fees associated to international bank transfers and card payments — all on one single account.”
The startup will use the new funding to grow its team ahead of the product’s full launch, as the company is currently operating with a small group of beta testers.
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