Over 400 fragmented gig platforms in Latin America rely on PayPal and Payoneer for payments, which aren't built for the small cross-border transactions gig workers need. A vertical-specific wallet could fix this with a Venmo-like experience.
What is the particular problem that you're solving for a therapist? I mean, there's even companies that are now starting to verticalize their wallets and payment systems for very specific people.
So if you take the example of Fiverr or Freelancer.com, yes, they verticalize, but you have like more than 400 platforms in Latin America that are reaching the different kind of segments, so it's getting hyper-segmentated. And they don't want to invest or like develop the financial infrastructure. So what happens at the end is they ended up working with PayPal or Payoneer, whose infrastructure is not really built for this use case. So at the end, they get a pretty bad user experience.
Exactly.
Why would they upload the money to your wallet? Basically, there are 3 big issues around the cross-border transaction. And these issues come for small amount transactions. So they are slow. They take from 3 to 5 business days. They are very expensive. We're talking from 5% to 10% on fees. And it's also hyper-segmentated. We solve all of that in order for the user to have the experience of someone using, like, Venmo locally.
