Prex
A digital banking platform that offers a full suite of financial products and services to the underbanked in LATAM countries.
Prex operates as a digital financial services platform with a clear mission: to democratize access to financial products for the large unbanked and underbanked population across Latin America. The company was founded in Uruguay in 2015 by Alfredo Bruce and his partners, establishing the first regulated Electronic Money Issuer Institution (IEDE) in the country. Driven by the insight that over half of LATAM's population lacks access to quality financial services, Prex embarked on a regional expansion.
The firm's strategic growth began with its entry into Argentina in 2019, followed by Peru in 2021, and most recently, Chile in 2024. A significant milestone occurred in 2021 when the Brazilian bank Itaú Unibanco acquired a 30% stake in the company for an undisclosed amount, strengthening its position in the market. Prex now serves over three million users regionally. The business model is B2C, centered around a free digital account linked to an international Mastercard prepaid card, all managed through a mobile app. Revenue is generated through various services, including currency exchange, personal loans, and fees from international transactions facilitated by partnerships with PayPal and Payoneer.
The core product is a comprehensive financial application that provides users with a bimonetary account (local currency and USD), a virtual and physical Mastercard, and a suite of services. These services include local and international payments, fund transfers, bill payments, personal loan requests, currency exchange, and access to investments. A key feature is enabling cross-border functionality, such as allowing users in one country to hold a balance in another's currency, exemplified by the Argentine peso card for users in Chile and Uruguay. By focusing on a seamless user experience and eliminating traditional banking fees like maintenance or renewal costs, Prex targets a demographic that has been historically excluded from the financial system, helping them build credit histories and manage their finances effectively.
Keywords: digital wallet, fintech, Latin America, financial inclusion, cross-border payments, prepaid Mastercard, neobank, money transfer, currency exchange, personal loans, mobile banking, unbanked, underbanked, digital account, Payoneer integration, PayPal integration, financial services, LATAM fintech, challenger bank, regional expansion