Tech company Prósperos announces more funding and plans to expand coverage beyond Mexico

Prósperos, a technology company that delivers a financial platform for Spanish speakers and Latinos to send remittances to their families in Mexico, announces that it has raised $3 million in funding. 

The app also allows companies to create a payroll system for their employees by providing direct deposit.  

The Prósperos platform, founded in 2023 by Vinay Pai and Salvador Chavez, provides two bank accounts and two cards – one for the account holder in the United States and one for their family in Mexico, with plans to expand to Central and South America. It eliminates money-transfer costs and families don’t need to wait in line. 

In 2023, remittances to Latin America totaled nearly $160 billion, generating more than $4 billion in fees paid by consumers and required days to arrive.

The seed round includes investments from FEBE Ventures, BAT VC, Tekton Ventures, Courtyard Ventures and technology executives.

“We were highly impressed with the vision that the Prósperos founders laid out," said Jai Choi, General Partner at Tekton Ventures. Added Aditya Mishra, General Partner at BAT VC, "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." 

"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.