With more than half of all Hispanic and Latino Americans unable to set up a basic checking account or send and receive money, the pandemic has highlighted the deep divide between those who are able to access digital banking, and those who are not.
Cuentas (Nasdaq: CUEN), a Miami-based fintech company focused on serving the Hispanic and Latino communities, is looking to narrow that divide, if not eliminate it outright - one card and one app at a time.
With a mandate to provide financial services for the unbanked, underbanked, and underserved U.S. Hispanic & Latino community, Cuentas providing access to the U.S. financial system to those unable to open a traditional bank account, or who prefer not to bank at a traditional financial institution.
Through a mobile app as well as purpose reloadable plastic, the five-year-old company provides mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer-to-peer money transfers, and more.
The company recently inked a five-year deal with Western Union Company ( (WU) - Get Report) to integrate Western Union-branded digital domestic and international money transfer services into the Cuentas mobile app and digital wallet.
"We’re talking about over 60 million Latin Americans in the United States who do not have a traditional bank account - they’re basically not welcome in the traditional banking system,” founder and CEO Arik Maimon told TheStreet’s, Corey Goldman.
“With Cuentas, it takes three minutes, it’s virtual, and they get all the financial services they need to have a bank account. More importantly, it provides access to bank accounts for customers who previously could not obtain bank accounts.”
Watch the above video interview to learn more about how Cuentas is helping to bring digital banking to the Hispanic and Latino communities.