Latitud, a platform created by Brian Requarth that invests in and provides infrastructure for startups in Latin America, has just launched the beta version of Meridian, a fintech that offers an international business account with integrated foreign exchange service. The goal is to help founders manage their startups' cash flow and transfer money from one country to another, while maintaining compliance in the flow of these funds.
The product is aimed at early-stage Brazilian startups that raise venture capital funds and have (or plan to have) an international legal structure. Among the services, founders will have access to receiving and managing money received from investors, foreign exchange (transferring funds between legal entities), and integrated compliance. In addition, they will be able to check financial metrics such as burn rate (how much cash is burned each month) and runway (time until the end of that cash).
"In our own community of founders, we have many with national and international legal structures. When you have an international company, you need international financial services," Brian Requarth, co-founder and CEO of Latitud, says in a statement. According to the executive, the biggest challenge for the founders at the moment is that there are no good options of these financial services for Latin American companies with international legal structures.
According to Latitud, the crisis at Silicon Valley Bank has exposed a recurring problem that has just become even bigger for founders of Brazilian startups: the lack of good financial products for technology companies that also have an international legal structure. "SVB was a relevant participant in the ecosystem and, with its breakup, the importance of meeting this demand became even greater. I intend to spend the next decade continuing to build solutions that serve founders in Latin America," says Brian.
According to the company, this is a market segment that rarely has enough business history or cash in the bank to be served by traditional North American banks, which require up to $10 million in deposits and have their own fears about serving startups.
This week, Brian commented that the best alternative to the SVB crisis may be to put the money in a "non-bank". According to the executive, fintechs like Brex and Mercury have a strategic advantage at this time when founders are looking for agile ways out to protect their companies' savings.
"These firms (Brex and Mercury) are better equipped to open accounts at the expected speed, and are already adjusting to receive this influx," Latitud's founder assessed in a webinar on strategies and ways for entrepreneurs to work their funds drawn from SVB.
Meridian by Latitud comes after months of development and interviews with potential clients, including those served by the legal structuring product Latitud Go. The proposal is for the fintech to help founders receive venture capital investments and transfer them to Brazil in a simple and transparent way. Initially, the services will be available only for Brazilian startups. The expectation is to expand the solution to the rest of Latin America over time.
Creators of startups can sign up for the waiting list for Meridian by Latitud's beta test through this link: https://updates.latitud.com/meridian.
Latitud, a platform created by Brian Requarth that invests in and provides infrastructure for startups in Latin America, has just launched the beta version of Meridian, a fintech that offers an international business account with integrated foreign exchange service. The goal is to help founders manage their startups' cash flow and transfer money from one country to another, while maintaining compliance in the flow of these funds.
The product is aimed at early-stage Brazilian startups that raise venture capital funds and have (or plan to have) an international legal structure. Among the services, founders will have access to receiving and managing money received from investors, foreign exchange (transferring funds between legal entities), and integrated compliance. In addition, they will be able to check financial metrics such as burn rate (how much cash is burned each month) and runway (time until the end of that cash).
"In our own community of founders, we have many with national and international legal structures. When you have an international company, you need international financial services," Brian Requarth, co-founder and CEO of Latitud, says in a statement. According to the executive, the biggest challenge for the founders at the moment is that there are no good options of these financial services for Latin American companies with international legal structures.
According to Latitud, the crisis at Silicon Valley Bank has exposed a recurring problem that has just become even bigger for founders of Brazilian startups: the lack of good financial products for technology companies that also have an international legal structure. "SVB was a relevant participant in the ecosystem and, with its breakup, the importance of meeting this demand became even greater. I intend to spend the next decade continuing to build solutions that serve founders in Latin America," says Brian.
According to the company, this is a market segment that rarely has enough business history or cash in the bank to be served by traditional North American banks, which require up to $10 million in deposits and have their own fears about serving startups.
This week, Brian commented that the best alternative to the SVB crisis may be to put the money in a "non-bank". According to the executive, fintechs like Brex and Mercury have a strategic advantage at this time when founders are looking for agile ways out to protect their companies' savings.
"These firms (Brex and Mercury) are better equipped to open accounts at the expected speed, and are already adjusting to receive this influx," Latitud's founder assessed in a webinar on strategies and ways for entrepreneurs to work their funds drawn from SVB.
Meridian by Latitud comes after months of development and interviews with potential clients, including those served by the legal structuring product Latitud Go. The proposal is for the fintech to help founders receive venture capital investments and transfer them to Brazil in a simple and transparent way. Initially, the services will be available only for Brazilian startups. The expectation is to expand the solution to the rest of Latin America over time.
Creators of startups can sign up for the waiting list for Meridian by Latitud's beta test through this link: https://updates.latitud.com/meridian.