A blockchain and bank-connected digital wallet and peer-to-peer exchange system that offers globally-connected dollar accounts to customers and businesses throughout Latin America, and other emerging markets. The investment marks SDF’s biggest Business Fund investment so far and is the fund’s fifth biggest investment made in the 2021 fiscal year.
Denelle Dixon, CEO and Executive Director of SDF said: “We’re excited to work with Airtm to further enhance the important work they are doing in Latin America and beyond to solve the last-mile remittance problem, making it faster and more affordable to reach end-users, and expanding equitable access to the global financial system … With Airtm’s shift to Stellar, we envision a future where Latin America could become one of the fastest-growing regions for global remittances, unleashing a wave of adoption and innovation in peer-to-peer and business digital payments throughout the region.”
The investment will enable Airtm to progress development of its robust Platform by incorporating with Stellar in the next year, bringing international financial services to consumers and businesses in Latin America and the developing world, while leveraging the most effective characteristics of the Stellar network to create trades efficient, secure, and more cost-effective.
“Airtm exists because financial systems throughout the developing world are not aligned with their people’s needs and global aspirations,” said Ruben Galindo Steckel, CEO of Airtm. “With this investment, and our integration with the Stellar network, we will continue to advance on our mission of helping consumers and businesses throughout the developing world access stable money that holds its value, is instant to transfer with no fees, compatible with the global economy, and can be withdrawn as local currency whenever, and wherever it’s needed.”
With fragmented banking systems, Latin America remains a mostly cash-based economy. Actually, in 2020 alone, 91 percent of all trades in Mexico Were made in cash (LendIt), while the wider Latin American region accounted for only 5% of all worldwide cross-border transactions.