Qash, a Dutch FinTech startup focused on financial inclusion, has officially launched in Colombia.
The startup was inspired by the founders’ personal experiences in unstable economies, with Spiwak from Venezuela and Lynch from Suriname, according to Finextra.
These backgrounds highlighted the need for financial products that protect individuals from hyperinflation and currency devaluation. Colombia, with its currency instability and political challenges, was chosen as Qash’s first market.
Qash specialises in bridging the gap between unstable local currencies and hard currencies like the US dollar. The company’s goal is to democratise access to US dollar-based financial services, previously reserved for the wealthy who maintain offshore accounts.
The flagship product, developed in partnership with Visa, is a self-custodial stablecoin wallet linked to USDC. It includes a stablecoin credit card aimed at offering secure financial options to professionals and middle-income earners in Latin America. Users can access a digital or physical card that functions seamlessly like a neobank app, providing an intuitive experience even for non-crypto users.
Future product plans include the launch of a digital dollar investment account by Q1 2025. This account will enable investments in tokenised securities, US government bonds, treasuries, and ETFs. Additionally, Qash is finalising a banking-as-a-service partnership with a US bank, which will offer real US dollar accounts insured by the FDIC.
The startup’s mission has resonated with many, evidenced by 1,000 users already on its waiting list. Qash’s product roadmap reflects its ambition to deliver transformative financial solutions across Latin America.
RJ Schuurs, partner at Antler, commented: “Qash is an example of a fintech startup driven by a clear social purpose. There is a large business opportunity in Latin America – the world’s fastest growing fintech market – which is also going to improve life for people facing crippling domestic financial instability. I’m delighted to have supported Boris and Gerson from day zero of their growth journey.”
Boris Spiwak, Qash co-founder, said: “We are democratising US dollar finances. The wealthy in Latin America, they’ve always kept their Miami bank account, their offshore bank account, their dollars abroad. But there’s a lot of people, your typical lawyer, doctor, that are highly educated, they have good incomes, they have some savings. They’d like to have more financial options and hard currency options and are thinking of a plan B abroad, but they don’t meet the high minimum deposit requirements that you need to open an offshore account.”
Spiwak also highlighted the inspiration behind Qash, stating, “It’s just always been on my mind, ever since I was a kid, is the ability of a government to really damage the financial life of a population and of an individual.”
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