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 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 prohibit more than 45 million Spanish-speaking Americans from utilizing financial tools. 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.