In mid-2023 a group of people who They had emigrated to Europe from different parts of Latin America met in Barcelona to share a common problem: the high costs and lack of agility of international transfers and remittances.
Among several latin entrepreneurs They promoted the idea of creating a platform that would allow migrants to be easily and cheaply integrated into the financial system in their destination countries, also integrating operations with their countries of origin.
With the individual contribution of those involved and the support of some angel investorsemerged BNKA (pronounced banking), a fintech that Its first task was to offer these financial solutions to migrants from Argentina who arrived in Spain, Portugal and Italy, as main destinations.
It was in December 2023 when it launched a virtual wallet to operate in euros and Argentine pesos. Just one month later, in January 2024, the fintech closed a strategic alliance with Visa Europe, which allowed it to complete the issuance of its first international card, a key step for migrants who needed to make payments in euros.
In August 2024, it launched the payment of services in Argentina, a step that expanded its value proposition by integrating local needs with its digital platform.
In December 2024, fintech joined Peruincorporating a wallet in soles interoperable with the local financial system, among other services. This launch was accompanied by the introduction of its first international MasterCard, which allows users to make payments in soles anywhere in the world.
Fintech currently provides a multicurrency wallet which operates with euros, Argentine pesos, soles and USDT, the stablecoin that facilitates international payments.
In this way, the company closed its first year of life with almost 40,000 registered users, more than 15 million euros processed with 100,000 operations closed and a global team that grew during 2024 until reaching 45 collaborators, the vast majority of whom are migrants.
How the BNKA virtual wallet works for those who emigrate from Argentina
“An Argentine migrant, for example, can access an IBAN in euros and a CVU within the same app, allowing them to change Argentine pesos to euros or vice versa. instantly, without commissions or intermediaries“, he explained to Scope the Argentine Martín Moro, Head of Marketing at BNKA.
“We proposed break down the barriers that migrants face when trying to integrate into the European financial system. These barriers are not minor. “Latino migrants, especially those who arrive without a credit history or local documentation, face difficulties that limit their access to bank accounts, credit cards and other essential services,” Moro added.
Regarding the operation of BNKA, Moro explained that “this is a great leap as a financial solution for migrants, because breaks the paradigm of international transfers and remittanceswho have delays in crediting the money, charge high commissions and have other problems. With us, the user avoids intermediation and does not pay commissions since our revenue comes from the exchange rate of the quote, which is always very competitive.”
In relation to the market targeted by BNKA’s proposal, Moro specified that “there has been a great migration trend in Latin America for years, which intensified after the pandemicboth from Latinos who go to Europe or also regional migration from Peru and Venezuela who go to Argentina to work and need to send money to their family in the country of origin. According to data from the International Organization for Migration, the number of international migrants has grown exponentially in recent decades, reaching 281 million in 2020.”
Regarding the objectives for 2025, the executive highlighted: “The projections that we imposed they are challenging. we want triple our ratios and if everything goes well up to five times all the results of 2024. In January, we will enable the issuance of international VISA cards in Argentina for use in pesos. In March and April, we plan to reach Colombia, incorporating Colombian pesos as a new option in the application, along with a set of local services.”
Source: Ambito
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