Wallbit leverages Atomic to enable global remote workers in Latin America
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Wallbit LLC is a neobank created specifically for remote workers in Latin America. The company aims to provide the most efficient and secure financial services for the global remote workforce by enabling easy access to a US bank account and other US-based financial infrastructure.
Founded in Argentina in 2022, Wallbit was accepted into the Y Combinator startup accelerator and proceeded to raise $1.5M to fund their mission. Since then, the platform has gained over 25,000 individual customers, and more than 1,500 American businesses pay their contractors via Wallbit accounts.
Opportunity
Given the nature of their remote work, Wallbit’s customers tend to be higher income earners, especially in comparison to the majority of workers in Latin American countries. Unfortunately, the circumstances of their local financial markets have resulted in a lack of opportunities for building wealth. This causes many remote workers to save most of their surplus income in physical cash or even drives them to explore more complex assets such as crypto currencies.
Wallbit’s founders realized they could begin to address these problems by offering an easy and more secure way for customers to earn a competitive yield on their cash. To accomplish this, Wallbit needed a secure and reliable technology solution that could enable them to grow and operate compliantly in countries outside of the US. They determined that Atomic was the company to provide the solution they were seeking.
Solution
By leveraging AtomicVest Inc.’s technology services and Atomic Invest LLC’s investment advisory services, Wallbit developed a product solution that enabled customers to invest in the Dreyfus Cash Management Government Fund (DGCXX), an institutional Money Market Fund, through an investment account offered by Atomic Invest LLC. In this way, an investment advisory account earning interest was built right into the existing Wallbit platform and app. In fact, Atomic made implementation so easy that Wallbit was also able to launch self-directed investing into US stocks and ETFs at the same time.
Additionally, Atomic’s compliance and legal team worked with Wallbit to address the regulatory complexities and ambiguities inherent to innovating in international financial services.
Impact
In mere months, Wallbit has already seen the benefit of integrating investment services. As recognized by Forbes, in 2024 Wallbit has already processed $30M in payments and is projected to surpass $100M. The company believes that these results can be attributed in part to new customers and increased balances resulting from the new investment opportunities through Atomic Invest LLC. Already, over 25% of customers have opened an investment account, and Co-Founder and CEO Rodrigo Vidal believes they can “double or triple this number in the near future.”
Wallbit is closing out 2024 with nearly 40,000 customers, and plans to expand to various other countries including Chile, Peru, and Brazil in 2025. Atomic will be working hand in hand with the Wallbit team on this remarkable growth journey, continuing to navigate international regulatory complexities and provide even more ways for their customers to build wealth.
“Our greatest competitive advantage is that we’re not only a payments platform, but a comprehensive neobank. If we can become the trusted place for remote workers to invest their savings, that will create stronger relationships and yield lifelong customers. Our partnership with Atomic has already been instrumental to this end, and we look forward to doing even more together.” - Rodrigo Vidal, Co-Founder and CEO Wallbit
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