Yahoo Finanzas Prósperos Secures $3 Million in Seed Funding to Empower the Latino Financial Future
The Prósperos Platform provides a faster, low cost and secure solution for international remittances
LOS ALTOS, Calif., June 4, 2024 /PRNewswire/ -- Prósperos, a technology company that delivers a powerful financial platform for the Spanish-speaking Western hemisphere, announces that it has raised $3M in funding. The seed round includes investments from FEBE Ventures, BAT VC, Tekton Ventures, Courtyard Ventures and technology executives.
Founded in 2023 by Vinay Pai and Salvador Chavez, Prósperos is delivering an innovative financial platform that allows millions of Latinos to manage their finances while taking care of their family in the USA and Latin America.
The Prósperos platform provides two bank accounts and two cards– one for the account holder in the USA and one for their family in Mexico, and soon Central and South America.
In 2023, remittances to Latin America totaled nearly $160B, generated more than $4B in fees paid by consumers and required days to arrive.
With Prósperos, customers can say goodbye to slow and costly money-transfer solutions, and their families no longer need to wait in line to pick up cash.
Within seconds, funds are available to family members in Latin America.
"Prósperos is building a transformative financial platform that will help millions of consumers in the USA and their families in Mexico, Central and South America. We were highly impressed with the vision that the Prósperos founders laid out" said Jai Choi, General Partner at Tekton Ventures.
"Prósperos' mission statement to help Latinos achieve financial prosperity, a vast underserved market, and an experienced team with an execution track record resonated with us." said Aditya Mishra, General Partner at BAT VC.
"The founders at Prósperos are bringing together a unique set of company building and fintech expertise in support of their mission. We trust that they are ideally positioned to deliver much needed innovative financial services to Latin American families" said Nicolas El Baze, Partner at FEBE Ventures.
The company's leadership team deeply understands the needs of these consumers, small businesses and enterprises and has decades of experience delivering financial solutions that serve their needs. Pai and Chavez are joined by Sangam Singh (Chief Technology Officer), Eitan Anzenberg (Chief Data Scientist) and Netsai Massetti (Chief Compliance Officer). These five leaders have worked together for years and helped take their previous fintech company public in 2019.
"This funding will enable Prósperos to deliver a transformative financial platform that is better, faster and cheaper than current alternatives. We are already seeing strong demand for our financial platform, which will begin rolling out in the coming weeks. We are excited to serve our customers and help them provide a better life for their families in the USA and Latin America" said Vinay Pai, CEO. "Prósperos is deeply personal for me. My father worked on farms and eventually moved to construction. He never had access to the modern banking system and instead paid exorbitant fees for cashing checks and sending money to his family. Prósperos changes all of that." said Salvador Chavez, COO.
About Prósperos
Prósperos' vision is to deliver a modern financial platform to 400M Spanish-speaking consumers in the Western hemisphere. By leveraging industrial-strength financial technology and powerful AI models, Prósperos replaces costly remittances with a low-cost, fast and secure solution that also allows customers to save for their financial future.
For more information visit www.prosperos.ai
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SOURCE Prosperos, Inc.
