A neobank that builds a bridge for migrants

Una fintech fundada por un colombiano migrante

  • A niche digital bank providing financial services to migrants in Europe.

Íkualo is the first neobank that offers financial services to migrants in European territory.

It was founded by a Colombian to facilitate access to financial services for the large community of 23 million people in migratory situations, of which 75% lack access to banking.

The story of this venture is extraordinary. Harold Correa, CEO and co-founder of Íkualo, arrived in Madrid in 1999 without papers and with very limited resources: an asset of $300. His struggle for survival, working in various jobs, marked the beginning of a story that would culminate in the creation of this fintech in 2023. Correa’s personal experience, of living through the financial difficulties of immigrants, was the driving force that led him to think of a tailored solution.

There are similar experiences in the segment. Last year, we reported on Comun, another niche neobank providing banking solutions to the Latin community living in the United States. Its strategy is to eliminate the language barrier, considered one of the major obstacles for the Latin community to access the financial services they need. That’s why it has the unique feature of offering all its banking services in Spanish.

More than a neobank: a financial community

The fintech Íkualo, currently based in Lanzadera, has developed a super app that offers five key products for its immigrant users. These include the creation of bank accounts with debit cards, microloans of up to 3,000 euros, international transfers, payments for basic services in the home country, and the possibility of hiring health and repatriation insurance.

Most users have migrated from Venezuela, Argentina, China, Russia, Brazil, Colombia, Paraguay, Mexico, and Morocco.

The application, which requires at least opening an account with the presentation of a passport and proof of residence, uses technologies such as artificial intelligence, machine learning, and big data to assess the payment history in the home country and assign a credit score to users.

Íkualo does not stop in its mission to support the migrant community in Europe. It currently operates in six languages and plans to expand to new markets, entering the United Kingdom and Portugal in the coming months. Additionally, the fintech is in a growth phase, preparing for an investment round at the end of February with the participation of Spanish, American, and Latin American funds.

Technological innovation and social commitment

The neobank Íkualo not only focuses on technological innovation, with future features such as faster payments through Blockchain but also on social commitment. Its goal of offering more personalized financial products demonstrates its long-term vision and desire to continue breaking barriers for the migrant community.

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