Hapi, a Peruvian wealthtech startup headquartered in San Francisco, has successfully secured a USD $1.6 million funding round. This investment from Utec Ventures, Unpopular Ventures, Softeq Ventures, and Mural Capital, supports Hapi's strategic plan to widen its user base and incorporate cryptocurrency services. The funding propels the company towards its goal of reaching half a million users and preparing for a Series A funding round in the near future.
Founded by Dusko Kelez, Billy Caballero and Piero Sifuentes, Hapi is committed to making stock market investments more accessible across Latin America. CEO and co-founder Dusko Kelez shared that the recent funding would strengthen their growth trajectory and enhance the user experience in stock trading and other financial instruments on American exchanges.
“Our mission is to bring prosperity to people through the democratization of investments.”-Dusko Kelez, CEO of Hapi
Hapi has experienced exponential growth. From 10,000 users in October last year, the company anticipates reaching 500,000 users by the first quarter of 2024. The remarkable growth is attributed to increasing interest in investments among Latin Americans, facilitated by greater internet access and attractive returns from U.S. stock markets. The S&P 500 and Nasdaq have shown impressive performance, further fueling investor interest.
Hapi's total funding now stands at USD $4.3M, with earlier rounds contributing USD $2.7M. The latest round saw participation from both venture capitals and angel investors. The startup's primary client base spans Colombia, Chile, Mexico, Argentina, Ecuador, Venezuela, and Peru, with a growing presence in Central America and the Caribbean.
Innovatively, Hapi is expanding into American Depositary Receipts (ADRs), scheduled stock trading, and a prime membership offering immediate funds availability, enhancing its service offerings. The company is leveraging word-of-mouth marketing in regions like Argentina, utilizing influencers to reach new users.
Hapi has significantly ventured into cryptocurrency, integrating digital currencies like Litecoin, Bitcoin, Dogecoin, Shiba, Ethereum, and USDC into their platform since October last year. This move, in partnership with Apex LLC, caters to user interest and facilitates investment through cryptocurrency conversions.
Hapi's focus remains on technological solutions for cross-border fund transfers, utilizing USDC to streamline financial transactions. With an emphasis on avoiding volatility in cryptocurrency, the company strategically selects stable digital currencies for its operations.
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