By Riley Kaminer
Diego Yanez has his eyes firmly affixed on the future of payments, leveraging a deep understanding of legacy systems to solve consumers’ most pressing problems.
That future? It’s on the blockchain. The problem? Yesterday’s financial rails are ill equipped to leverage the most innovative financial products. All the while, the demand to send money across borders – particularly across the Americas – shows no signs of slowing down, with a report from Microsoft noting that remittances overall in Latin America have grown faster than those at the global level (10% annually since 2014 compared to 4% globally).
The solution? That’s exactly what Yanez is building alongside his 30-person team at Alfred Pay. “Our mission as a company is to be a bridge between legacy payment systems and stablecoin rails across Latin America,” he told Refresh Miami.
“We aim to facilitate various use cases by providing liquidity and access to both fiat and digital assets,” he continued. “Our focus is not on creating flashy products but on enabling B2B customers to execute payments efficiently.”
Last December, Alfred Pay inked a major deal with P2P payment giant Circle to execute their payments in Latin America. Similarly, Alfred Pay has a partnership with Elektra, the largest money transmitter in Mexico, to bring USDC to the Mexican peso.
At the same time, Alfred Pay has started working with Worldcoin, a digital currency project that aims to provide a universal basic income by distributing cryptocurrency to every individual on the planet using iris-scanning technology for identity verification. Alfred Pay is powering Worldcoin in Argentina and Mexico, processing as many as 25,000 payments per day.
“Partnering with companies like Circle and being recognized as a key player in the region is exciting,” Yanez shared. “This partnership is creating a domino effect with other major products in the market.”
Equally, Yanez asserted that Alfred Pay is in the right place at the right time: “Latin America is experiencing significant growth, making it an ideal time for our services.” He noted particular excitement over certain markets where Alfred Pay is currently active such as Mexico, which has seen a boom as international companies increasingly take advantage of the country’s nearshoring capabilities.
According to Yanez, Alfred Pay is processing around $40 million in monthly volume from around 350,000 users and 1.6 million unique API calls per month. Over the last three months, Alfred Pay has also become profitable, charging a small percentage of each transaction.
With this wind behind its sails, Alfred Pay has its sights set on raising around $4 to $5 million. Up to now, the company has raised $500,000 in equity and $550,000 in non-dilutive grants.
“It feels like everything we’ve been working on for a while is snowballing and coming into effect now,” said Yanez. “Our job is to maximize that and keep taking everything to the next level.”
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