💳 Fintech — 🇲🇽 Mexico — 🚀 Meet the Startups

Meet DolarApp, the Mexican Fintech Startup Dolarizing Latin American Finances

DolarApp empowers Latin Americans with a digital dollar wallet, offering seamless currency conversion, 3% annual savings, low-cost U.S. payments, and crypto features for greater financial inclusion.

, and Santi Hamlin

July 21, 2023 . 3:36 AM

3 min read

DolarApp co-founders / Fernando Terrés, Zach Garman, and Álvaro Correa Gallardo

📝 Overview

🖊️ Startup Name: DolarApp
📍 Headquarters: Mexico City, Mexico
📅 Year Founded: 2021

🧍 Team

🔍 Problem

DolarApp tackles the financial challenges encountered by Latin Americans in managing their finances and accessing banking services in dollars, including the issue of dealing with volatile currencies. The company's primary objective is to offer convenient access to dollars and cryptocurrencies.

Notably, they identified a significant problem faced by approximately 20 million Mexican citizens who annually travel to the United States; many of them carry cash instead of cards and rely on airport exchange houses with unfavorable spreads for currency conversion.

Furthermore, the remittances between the U.S. and Mexico, totaling about $50 billion each year, have been subject to exorbitant fees, averaging 5% of the total amount sent.