Leap Financial secures seed funding to revolutionise cross-border payments with AI-powered remittances, bridging financial gaps for immigrants in the U.S. and Latin America.
Leap Financial, a Miami-based fintech startup, has secured $3.5M in seed funding led by Fuel Venture Capital, with additional backing from Ascendo Venture Capital. Leap Financial AI-powered remittances aim to modernise cross-border payments, bridging financial gaps between immigrants in the U.S. and their families in Latin America.
The company’s proprietary AI-enabled platform combines cutting-edge technology with financial expertise to provide a seamless solution for cross-border payments. Leap’s mission is to dismantle outdated systems, allowing financial and non-financial institutions to participate in money flows efficiently and at a reduced cost.
Tackling inefficiencies in cross-border payments
For many immigrants, sending money home has long been a costly and inefficient process. Traditional remittance services often charge exorbitant fees—up to 10% of the transfer amount—draining already-limited resources from workers trying to support their families. Leap Financial AI-powered remittances provide a solution, offering transaction costs below 1% through its embedded payment and financial platform.
“Leap was founded to help immigrants overcome disparity and change the 100-year-old ways that allow incumbents to take 10% cuts for check cashing services, 5% for simple international money transfers or drain bank accounts with shady fees from hard-working people who barely make a living,” explained Lionel Carrasco, CEO and co-founder of Leap Financial. “We can do better than that and still be able to make profits. Like Jeff Bezos’s famous quote, ‘Your margin is my opportunity,’ we say, ‘Your inefficiency is our opportunity.’”
By eliminating intermediaries and cash-based systems, Leap simplifies the remittance process. Its X-Border Payments Platform integrates directly with financial systems, debit cards, and wallets worldwide. This AI-powered approach reduces fees, improves security, and ensures regulatory compliance—an essential feature in the heavily scrutinised global payments industry.
Fuel Venture Capital backs Leap’s AI-driven cross-border payments platform
Fuel Venture Capital’s decision to lead the round reflects strong confidence in Leap’s fusion of AI and fintech. Maggie Vo, Managing General Partner at Fuel Venture Capital, emphasised the startup’s unique blend of technological innovation and financial expertise.
“Many companies attempt to tackle remittance and fintech, but they often excel in technology while lacking the necessary financial expertise,” said Vo. “Leap stands out with their team’s deep understanding of remittance, banking infrastructure, and compliance—knowledge that the founders have built over many years in the industry. We don’t just invest in good tech and AI, we see the future in Leap’s AI-driven approach, supported by experienced professionals who ultimately know this business inside and out.”
Leap’s solution also includes Lola, its conversational AI “super-agent,” which enhances user engagement and streamlines cross-border transactions. This AI tool provides personalised financial services, making it easier for financial institutions to integrate remittance capabilities seamlessly.
Partnerships driving innovation and expansion
Leap’s recent strategic partnership with Mastercard signals strong momentum for its growth. The collaboration enables the company to originate remittances through federal banks while leveraging Mastercard’s network to send funds instantly to debit cards and mobile wallets. This approach not only increases efficiency but also strengthens anti-money laundering (AML) compliance—key in safeguarding financial ecosystems.
The seed funding will support Leap’s growing demand and expand its AI capabilities further. The capital raised will help Leap respond to new customers generated by its strategic partnerships. Leap also plans to attract top talent to strengthen its AI component, empowering businesses to deploy embedded financial services with minimal friction.
Addressing a real-world problem for immigrants
For immigrants, financial inclusion remains a challenge. Leap Financial’s founders, Lionel Carrasco and Marcela Henao, built the company with a clear mission: to help immigrants access affordable, secure, and compliant financial tools. By providing a white-label solution for businesses, Leap creates opportunities for both financial institutions and the people they serve.
“As an immigrant myself, Leap’s vision to help immigrants send money back to their loved ones truly resonates with me,” Vo added. “I understand the unique challenges faced in this space and by immigrants from emerging markets who are trying to assist their families.”
Leap’s embedded remittance model empowers financial services organisations to “leap” ahead, delivering cost-effective solutions while maintaining the trust and security necessary for cross-border money flows.
A step towards financial inclusion
With its AI-powered approach, Leap Financial is transforming traditional remittance services into modern, digital solutions that work for everyone. By tackling inefficiencies, reducing costs, and leveraging partnerships like Mastercard, the company is poised to expand its reach and impact across the U.S. and Latin America.
Leap’s innovative platform signals a new era for cross-border payments, empowering immigrants and reshaping how financial institutions serve their customers in an increasingly interconnected world.
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