Fintech start-up Valor set to launch in US for Latino and Hispanic communities
A new US fintech called Valor is set to launch in the US and aims to cater to the country’s substantial Latino and Hispanic populations and solve financial “pain points”.
Valor CEO and co-founder Parag Gupta
Valor will provide financial services such as banking, savings, investing, instant cash and cheque deposits and early paycheque functionality.
Users will also be able to invest, sell and send crypto on the app as well as access Spanish language financial education resources.
Valor says it hopes to restore confidence in the financial system for Latinos and Hispanics and support the financial health of these communities through its accessible and intuitive products and design.
The fintech says 60 million people speak Spanish in the US. “Spanish is our first language and English is our second language. Our approach is to truly understand you in your language,” Valor says.
The company was founded by WePay alumni Parag Gupta (CEO) and Sankate Sharma (CTO). They say the market for a Spanish language financial super-app is worth more than $1 trillion.
“Mistrust and language barriers in online banking prohibits more than 45 million Spanish-speaking Americans from utilising financial tools,” the founders say.
Its banking product will have no monthly or overdraft fees, no minimum balance and a free debit card. All funds up to $250,000 will be federally insured by the Federal Deposit Insurance Corporation (FDIC). User information will also be encrypted to prevent unauthorised use.
The app also hopes to boost financial inclusion with its direct deposit paycheque offering, in which users can get their salary up to two days before it’s deposited in their account.
The fintech has a waitlist and is currently raising $3 million in funding with plans to expand throughout Latin America.
