The technology firm Prósperos has effectively secured a funding of $3 million to bolster its objective of providing a robust financial platform for Spanish-speaking individuals in the Western hemisphere. The investment round saw contributions from FEBE Ventures, BAT VC, Tekton Ventures, Courtyard Ventures, and various technology executives.
Established in 2023 by Vinay Pai and Salvador Chavez, Prósperos is committed to empowering millions of Latinos by offering an innovative financial platform. This platform allows users to manage their finances while also providing support to their families in both the USA and Latin America.
The platform offered by Prósperos encompasses two bank accounts and two cards—one for the account holder in the USA and one for their family in Mexico, with plans for expansion into Central and South America in the near future. In 2023, remittances to Latin America totalled nearly $160 billion, resulting in over $4 billion in fees and lengthy processing times. Prósperos is dedicated to addressing these inefficiencies by facilitating instant fund transfers to family members in Latin America.
The influx of new funding will enable Prósperos to bolster and broaden its platform, providing a faster and more cost-effective solution for financial transactions. The company has already experienced substantial demand for its services and aims to launch them in the coming weeks.
The leadership team at Prósperos comprises Chief Technology Officer Sangam Singh, Chief Data Scientist Eitan Anzenberg, and Chief Compliance Officer Netsai Massetti, all of whom have previously collaborated and contributed to taking their former FinTech company public in 2019.
Vinay Pai, CEO of Prósperos, conveyed his enthusiasm for the funding, stating, “This investment will enable Prósperos to introduce a transformative financial platform that surpasses current alternatives in terms of quality, speed, and cost. We are already witnessing strong demand for our financial platform, which will be rolled out in the coming weeks. We are eager to serve our customers and assist them in providing a better life for their families in the USA and Latin America.”
Salvador Chavez, COO of Prósperos, also shared his personal connection to the company, stating, “Prósperos is deeply meaningful to me. My father worked in farming and later transitioned to construction. He never had access to the modern banking system and instead incurred exorbitant fees for cashing checks and sending money to his family. Prósperos changes all of that.”
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