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§ Private Profile · Mexico City, Mexico
FinTech/Web3 platform offering digital dollar accounts with stablecoins for Latin American consumers to save and spend USD.
DolarApp has raised $5.0M across 1 funding round.
Key people at DolarApp.
DolarApp was founded in 2021 by Fernando Terres (Founder) and Alvaro Correa (Founder) and Zach Garman (Founder).
DolarApp has raised $5.0M in total across 1 funding round.
Based in Mexico City, DolarApp (recently rebranded as ARQ) provides digital dollar accounts utilizing USDc stablecoins to enable Latin American consumers to save, spend, and transfer United States dollars. The financial technology platform issues a USD-denominated Mastercard, allowing users to execute cross-border transactions without foreign exchange fees while generating revenue through flat transfer fees and interest on user balances. The company has secured $75 million in total equity funding, including a $5 million seed round in 2022 and a $70 million financing round in 2026 backed by prominent investors such as Sequoia, Founders Fund, Y Combinator, and Kaszek Ventures. Since launching its initial beta platform to thousands of early users in Mexico, the enterprise has expanded its corporate workforce to approximately 100 employees. DolarApp was founded in 2021 by Alvaro Correa, Zach Garman, and Fernando Terrés.
DolarApp has raised $5.0M across 1 funding round. Most recently, it raised $5.0M Seed in September 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 1, 2022 | $5M Seed | — | Alchemy Ventures, Gradient Ventures, Kaszek Ventures, Koolen And Partners, Saga | Announced |
Key people at DolarApp.
DolarApp was founded in 2021 by Fernando Terres (Founder) and Alvaro Correa (Founder) and Zach Garman (Founder).
DolarApp has raised $5.0M in total across 1 funding round.
DolarApp's investors include Alchemy Ventures, Gradient Ventures, Kaszek Ventures, Koolen and Partners, Saga.
DolarApp is a Latin American fintech company that offers a digital dollar wallet enabling users to seamlessly convert their local currency (such as Mexican pesos) into a dollar-pegged stablecoin (USD Coin, or USDc) and back. It provides a borderless financial account where users can save, send, and pay in digital dollars with an international Mastercard that offers up to 4% cash back. The app targets residents in Mexico, Argentina, Colombia, and Brazil, addressing the region's challenges with hyperinflation, currency volatility, and limited access to dollar-denominated banking. By enabling fast, low-cost international transfers and stable savings in USDc, DolarApp helps Latin Americans protect their wealth and transact globally with transparency and minimal fees[1][2][3][7].
DolarApp was founded in 2021 by Zach Garman, Álvaro Correa, and Fernando Terrés, three former Revolut employees who spent significant time in Latin America. They observed firsthand the financial difficulties faced by many in the region, including restrictions on saving in dollars, high fees for international transfers, and currency instability. Motivated to solve these problems, they leveraged their fintech experience to build a simple, crypto-backed digital dollar account tailored for Latin Americans. Early traction came from launching in Mexico, where millions travel to the US annually and need better dollar access. The company quickly gained support from prominent investors like Y Combinator and Kaszek Ventures, raising $5 million to expand its product and market reach[1][4].
DolarApp rides the growing trend of financial dollarization and stablecoin adoption in emerging markets, where local currencies are often volatile and access to global banking is limited. The timing is critical as Latin America faces persistent inflation and regulatory barriers to dollar savings. By leveraging blockchain-based stablecoins (USDc) and fintech innovations, DolarApp disrupts traditional remittance and banking models, offering a more inclusive, transparent, and cost-effective solution. This positions the company as a key player in advancing financial inclusion and cross-border payments in Latin America, influencing the broader ecosystem by demonstrating how crypto-backed solutions can solve real-world currency challenges[1][4][7].
DolarApp is poised for significant growth as it deepens its presence in Mexico and expands into other Latin American markets like Argentina, Colombia, and Brazil. Future developments include launching virtual payments compatible with Apple Pay and Google Pay and expanding Euro account capabilities to broaden users’ global financial access. Trends such as increasing stablecoin adoption, demand for borderless finance, and digital payment integration will shape its trajectory. As it scales, DolarApp could become a foundational financial infrastructure for millions in Latin America, redefining how the region interacts with the global economy and mitigating the impact of local currency instability[1][3][7][8].
