Prósperos has announced the general availability of its mobile financial platform designed for Spanish-speaking consumers in the United States and their families in Latin America.
The platform enables low-cost, fast and secure remittances and other financial services, the company said in a Wednesday (July 24) press release.
“With Prósperos, we are welcoming many hard-working consumers into the modern financial system that has previously been out of reach,” Vinay Pai, CEO and co-founder of Prósperos, said in the release. “Instead of paying fees to cash their checks and send money home, our low-cost solution allows our customers to save for their financial future while taking care of their families.”
The new mobile financial platform provides two bank accounts and two cards — one for the account holder in the U.S. and one for their family in Mexico, according to the release.
It also transitions consumers from cash to a banking platform that provides credit cards, direct deposit, mobile check deposit, bill pay and other banking services, the release said.
Prósperos said in the release that by switching to its platform, customers can save up to $1,000 a year on fees for check cashing and monthly remittances, while businesses with 100 employees can save up to $4,000 a year by switching from paper checks to direct deposit.
“Today, we are seeing great demand from employers and their Latino workforces who want to transition from paper checks to direct deposit and have access to meaningful workplace benefits,” Salvador Chavez, chief operating officer and co-founder of Prósperos, said in the release. “Prósperos is not just offering a service. We’re transforming lives by empowering our community with the financial tools they need to thrive.”
In another recent product launch focused on Spanish-speaking consumers, Sezzle said on July 16 that it added Spanish language capability to its buy now, pay later (BNPL) app and checkout. The company said at the time in a press release that this capability is meant to appeal to the 40 million Americans who speak Spanish.
In April, FinTech mortgage lender Beeline said it would launch a Spanish-language version of its home loan experience on May 1, offering a Spanish customer journey and access to a bilingual loan officer with certain loan documents in Spanish.
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