Qash, a Dutch financial inclusion startup, has launched in Colombia with a stablecoin-linked credit card designed for volatile economies.
The startup, backed by Antler with a €300,000 investment divided into two tranches, has teamed up with Visa for their inaugural offering: a self-custodial stablecoin wallet connected to USDC. This product aims to bridge the gap between unstable local currencies and the US dollar.
Co-founder Boris Spiwak shared, “We are democratizing US dollar finances. The wealthy in Latin America have always maintained offshore accounts, keeping their dollars abroad. However, many educated professionals with good incomes wish for more financial options and hard currency alternatives but lack the high minimum deposits required for offshore accounts.”
Spiwak and co-founder Gerson Lynch, hailing from Venezuela and Suriname respectively, were inspired to create Qash by their experiences with unstable economies and hyperinflation. Spiwak reflected, “The ability of a government to damage the financial life of its citizens has been on my mind since childhood.”
The startup boasts an ambitious product roadmap, planning to introduce a digital dollar investment account in Q1 2025. This account will enable investments in tokenized securities, US government bonds, tokenized treasuries, and tokenized ETFs. Additionally, they are finalizing a banking-as-a-service partnership with a US bank, aiming to launch next year.
“This partnership will allow us to offer real dollar accounts with FDIC insurance at an actual US bank, a more differentiated product that currently doesn’t exist in the market,” Spiwak explained.
The idea for Qash was conceived during a two-month Antler entrepreneur residency earlier in 2024, with Colombia chosen for its significant currency devaluation and political instability.
The startup has garnered a waiting list of 1,000 interested users, who can access either a digital card or a physical card. Spiwak emphasized that the product is designed for non-crypto users, ensuring a user-friendly experience akin to that of a neobank app.
RJ Schuurs, partner at Antler, noted, “Qash exemplifies a fintech startup driven by a clear social purpose. There is a significant business opportunity in Latin America—the world’s fastest-growing fintech market—that will also enhance the lives of those facing severe domestic financial instability. I’m thrilled to have supported Boris and Gerson from the very start of their growth journey.”