Littio

Littio is a financial technology company, founded in 2021 by Christian Knudsen, Luis Huertas, Camilo Jimenez, and Ivan Torroledo, with the goal of addressing currency devaluation in Latin America. Based in Bogota, Colombia, the firm provides individuals with access to a digital bank account denominated in U.S. dollars and, more recently, euros. This service is designed to shield the savings of Latin Americans from the frequent inflation and devaluation of their local currencies.

The company's platform is accessible via a mobile application available on both Android and iOS devices. Users can open a free dollar-based account and fund it using various methods, including local options like PSE, Nequi, and Bancolombia, as well as credit cards and cryptocurrency. Littio's core offering leverages stablecoins, such as USDC and EURC, which are pegged to the U.S. dollar and euro respectively, to provide stability. The platform partners with payment networks like Mastercard to issue an international debit card. This card enables users to make purchases globally and withdraw cash from ATMs. Additionally, virtual cards are available for secure online transactions.

Littio's business model targets individuals in Latin America who lack access to stable foreign currency accounts. This includes freelancers receiving payments from abroad, migrants sending money to their families, and anyone seeking to protect their purchasing power. The company generates revenue through its financial products and services, including offering yield-bearing savings options. Through a partnership with OpenTrade, users can place their funds in 'Yield Pots' that invest in real-world assets like U.S. Treasury Bills, generating returns. The firm has successfully raised $4.2 million in funding, with support from investors like Y Combinator and Goodwater Capital.

Keywords: digital banking, financial technology, Latin America, currency devaluation, dollar account, euro account, stablecoin, USDC, EURC, Mastercard debit card, cross-border payments, financial inclusion, savings protection, neobank, Y Combinator, Bogota, Colombian startup, asset tokenization, high-yield savings, international transfers