- UGLYCASH & Bnka: two apps that focus on cross-border services
- Low-cost remittances, international payments, financial access for migrants, among the financial services demanded by the new global economic context.
Financial services focused on the freelancer economy and the specific needs of migrants are a growing trend in the region. We have already reported in this space about fintech companies like Ikualo or Común.
These platforms aim to eliminate the traditional barriers faced by the unbanked sectors, offering solutions tailored to their specific needs and promoting financial inclusion across different regions.
A new app has joined this trend: UGLYCASH, which stands out on social media with a disruptive and direct aesthetic. In its own words, the company’s mission is to “promote economic equality of opportunity by making essential financial services accessible to all.”
Luis Romero Plasencia, CFO of UGLYCASH, explains to Frecuencia Money that “the app offers a global account held in digital dollars, backed by stablecoins.” He adds: “We have integrated the Electronic Dollar (eUSD) because of its security, transparency, and performance, as it has higher levels of market overcollateralization (+200%), is governed in a decentralized manner (through the Reserve Protocol), provides on-chain reserve proofs, and can generate income on leading DeFi platforms (Compound & AAVE).”
In this way, the app allows clients in the Americas to access digital dollars, receive or make payments via ACH transfers, earn rewards for saving, transfer money instantly and for free to any other international user, or pay in stores through a Visa card.
The app is already available in the United States, Argentina, Chile, Colombia, Mexico, and 11 other countries in Latin America. Romero Plasencia also highlights that, three months after launching in beta phase (limited to certain markets), they have reached more than 20,000 new accounts and are growing by around 25% weekly: “In 2025, we plan to roll out the launch across the entire Latin American region, along with a relaunch in the United States aiming for greater growth moving forward.
BNKA
In a context where international migration continues to rise, the flow of people from Latin America to Europe has reached historic numbers. According to the International Organization for Migration (IOM), the number of international migrants has grown exponentially in recent decades, reaching 281 million in 2020. In this scenario, Bnka, a fintech defined as a comprehensive solution for the financial inclusion of migrants, experienced remarkable growth in its first year of operations. Over 35,000 registered users, more than 15 million euros processed, and a global team that grew to 40 employees (most of whom are also migrants).
Martín Moro, Head of Marketing at Bnka, explains: “We are changing the game. At Bnka, we offer solutions fully adapted to the real needs of migrants. We are proud to be able to support them financially in their decision to live in another country and give them access to local currency in their daily lives.”
The fintech provides a multi-currency wallet that operates with euros, Argentine pesos, soles, and USDT, the stablecoin that facilitates international payments.
In a region characterized by diversity and economic challenges, UGLYCASH and Bnka stand out as examples of innovation and commitment to financial inclusion. As these platforms grow and evolve, their positive impact on freelance communities, SMEs, and migrants helps drive a deep transformation in how financial services are perceived and used in Latin America and beyond.