Dollarize provides users with a U.S. dollar account accessible via a mobile application, enabling them to hold savings in USD to protect against local currency devaluation. The platform facilitates instant, fee-free international money transfers between accounts and offers a linked card for global spending. Users can easily deposit local currency for conversion into dollars and withdraw funds through various methods supported by their banking partners.
Funding
$2.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AVDCKFounders
Product
Problem
Individuals in countries with unstable economies face the risk of currency devaluation, which erodes their savings and purchasing power. Traditional banking systems often lack accessible solutions for these individuals to protect their assets by holding them in more stable currencies like the U.S. dollar. This makes it difficult for them to participate in the global economy and secure their financial future.
Solution
Dollarize provides a platform that enables users, particularly those in Latin America and Europe, to open U.S. dollar accounts without needing to be U.S. residents or have a Social Security Number. Users can deposit funds in their local currency, which are then converted to dollars, providing a hedge against devaluation. The platform facilitates instant and fee-free transfers between Dollarize accounts globally, allowing users to send money as easily as sending a message. Dollarize accounts can also receive payments from platforms like Deel, PayPal, and Upwork.
Target Audience
The primary target audience includes individuals in Latin America, the United States, and Europe who seek to protect their savings from currency devaluation and need a convenient way to send and receive money globally in U.S. dollars.
Features
- U.S. dollar accounts accessible without U.S. residency or SSN requirements
- Instant and fee-free global transfers between Dollarize accounts
- Currency conversion from local currencies to U.S. dollars to protect against devaluation
- Ability to receive payments from platforms like Deel, PayPal, and Upwork
- Integration with Google Pay and Apple Pay (coming soon)
- Mobile app available on iOS and Android
- MSB registration with FinCEN, a bureau of the U.S. Department of the Treasury (MSB Registration Number: 31000275098565)