Kira: Pioneering Payment Infrastructure in Latin America
After selling his previous venture, Arcus, to Mastercard, Edrizio de la Cruz didn’t rest on his laurels. Instead, he, along with co-founders José Alberto (Beto) Díaz García and Camilo Jiménez Fuentes, set out to create a revolutionary payment infrastructure platform named Kira. This platform integrates stablecoins, artificial intelligence, and high-quality APIs, aimed at transforming financial services.
Kira’s Stealth Development Phase
Kira has spent over a year developing its product in stealth mode, focusing on rigorous testing and refinement. The founders believe that Kira has the potential to redefine financial services for the next generation, leveraging cutting-edge technology to address existing gaps.
Successful Seed Funding Round
Recently, the Miami-based startup announced the successful raising of $6.7 million in seed funding. This round was backed by notable investors including Blockchange Ventures, Vamos Ventures, Stellar Blockchain, Grit Ventures, Credibly Neutral Ventures, Michael Seibel, and Oso Travail.
Funding Allocation and Strategic Goals
The funds will primarily support Kira’s expansion across Latin America, focusing initially on South America. This capital is essential for hiring a skilled technical team and launching innovative new products. Kira is developing what it calls an “all-in-one API,” enabling businesses to seamlessly offer integrated financial services such as payments, shipments, and payroll management.
A Vision for Financial Inclusion
As Cruz stated in a press release, “This funding allows us to speed up the construction of the infrastructure. We aim to compete in the global digital economy.” Kira’s ultimate goal is to harness the power of stablecoins and AI to provide modern financial services to an estimated 1 billion unbanked individuals globally.
Strategic Partnerships and Market Potential
Investors see immense potential in Kira’s vision. Rob Schmults, General Partner at Blockchange Ventures, emphasized the transformative opportunity that blockchain-based financial services present. He underscored the Kira team’s alignment of experience and expertise as a significant advantage in reaching this potential.
Leveraging Blockchain for Efficiency
The partnership with the Stellar Development Foundation showcases the technical underpinnings of Kira’s unique platform. Utilizing the Stellar blockchain allows for faster and more cost-effective payments—critical for cross-border transactions in emerging markets. Meanwhile, partners like Vamos Ventures and Oso Travail provide invaluable regional expertise to help Kira navigate the complex financial landscape of Latin America.
Future Prospects and Revenue Growth
In just its first year, Kira has already generated $3 million in revenue. The company is now focused on forming strategic partnerships with banks and payment processors to establish its infrastructure as a foundational layer in the region’s digital economy. While it remains to be seen whether Kira can emerge as the keystone of Fintech 3.0 in Latin America, the founders are confident that their innovative blend of AI and stablecoins will revolutionize how money flows across borders.