Peso Latam provides a fully digital U.S. bank account that can be opened by anyone in Latin America using only a government‑issued ID, without requiring U.S. residency or citizenship. The service includes a Visa debit card for global purchases, in‑app conversion of local pesos to digital dollars, and daily‑compounded interest up to 5% annual on dollar balances, all managed through a mobile app.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals in Latin America lack access to U.S. dollar banking services, forcing them to keep savings in local currencies that are vulnerable to inflation and exchange‑rate volatility. Obtaining a U.S. bank account typically requires residency or citizenship, creating a barrier for those who want to protect and grow their wealth in dollars.
Solution
Peso Latam offers a fully digital U.S. bank account that can be opened using only a government‑issued ID, without requiring American residency or citizenship. The platform provides a Visa debit card linked to the account, enabling worldwide purchases wherever Visa is accepted. Users can convert local pesos to digital dollars through local payment methods and earn up to 5% annual interest, paid daily, on their balances. All services are accessed via a mobile app that handles account creation, currency conversion, interest accrual, and card management in a single interface.
Target Audience
Primary customers are residents of Latin American countries who want to hold, spend, and earn interest on U.S. dollars without obtaining U.S. residency or citizenship.
Features
- Digital U.S. bank account opened with a single ID verification step
- Visa debit card for global point‑of‑sale transactions
- Daily‑compounded interest up to 5% annual on dollar balances
- In‑app conversion of local pesos to digital dollars using local payment options
- Mobile app for account monitoring, card controls, and interest tracking
- Compliance with U.S. banking regulations while serving non‑resident users