Crediverso, the Hispanic-owned personal finance products company, today announced the close of $3.1M in seed funding to launch a consumer fintech platform aimed at closing the wealth gap for the 62M+ Hispanic consumers in the U.S., including many who are underbanked. Crediverso’s powerful platform will be launched this summer and is designed for and fully dedicated to the Hispanic community. It offers the first Spanish-language credit checks and a bilingual comparison tool for a multitude of financial products, including money transfer “remittances,” the most essential financial vehicle for immigrants to support the basic necessities of their families living abroad.
Crediverso’s first round of outside investment was led by a group of investors including Bessemer Venture Partners, Act One Ventures, Point 72 Ventures and Clocktower Ventures. This comes amidst a recent fundraising context where of the $130B of venture funding that went towards all startups, only $1.5B went to Black founders and $72M went to Hispanic founders. This means that for every $100.00 of funding to the market in general, only $1.18 went to Black founders and $0.06 went to Hispanic founders.
The lack of financial services options for Hispanics is a lost market opportunity of over $1T, and limits opportunity for the Hispanic community. Crediverso aims to provide the tools to build wealth and reinvest in the Hispanic community. U.S. Hispanics currently spend more than $600B annually on financial products but have only a fraction of the access enjoyed by the general market.
Crediverso aims to disrupt the $700BN global remittances market as the only platform that lets users send money internationally using the cheapest available rate every time. “Individuals can be charged upwards of 15-20% to send money each time they transact,” said Carlos Hernandez, founder and CEO, Crediverso. “We empower consumers to compare options across all providers so they can find cheaper rates and send more money back to their families living abroad. You wouldn’t book a hotel room without comparing prices first, so why would you send half your paycheck without comparing prices?”
Crediverso’s offerings will be accessible via a free and all-inclusive financial products mobile-friendly platform where users can compare and access credit cards, loans, and insurance products. Crediverso will also be the first and only place where users can get a credit check in Spanish. Additionally, the platform will offer a live forum moderated by Spanish-speaking expert advisors where users can ask their money questions to personal finance experts and celebrities from within the Hispanic community.
“The U.S. Hispanic community is underserved by our current financial services system and Carlos has put together a fantastic team to solve this problem,” said Charles Birnbaum, partner, Bessemer Venture Partners. “We are thrilled to be supporting the company for this next phase of growth.”
Crediverso’s entire platform will be available in English and Spanish, and offered free to use for consumers. Crediverso will also provide free resources assisting with financial literacy like guides, how-to’s, and a full English to Spanish glossary of financial terms.
“The Hispanic community is the largest and fastest-growing ethnic group in the U.S., but it’s also the most underserved,” said Alejandro Guerrero, general partner, Act One Ventures. “As a low-income, first-generation Mexican-American, I saw firsthand my parents’ inaccessibility — like millions of Hispanics still today — to a credit-building journey that was designed for them as native Spanish speakers. Crediverso’s mission is to fix this long-standing broken issue and help generations of Hispanics close the wealth gap.”
Crediverso is actively hiring across a variety of roles to grow the team and plans to launch their full suite of products this summer. The company has already established partnerships with many of the largest global financial institutions, including US Bank, Western Union, Remitly, Transferwise, Worldremit, XE, Ria, Skrill and Bridge 21.
Crediverso was founded by Carlos Hernandez, an entrepreneur who holds three degrees from Harvard. Carlos comes from a Mexican-American family in Los Angeles that has long served the Hispanic community. Carlos decided against a career on Wall Street to dedicate his time to enriching the lives of Hispanics living in the U.S.