Miami-based AI-powered fintech startup Leap Financial has secured USD 3.5 million in a seed funding round led by Fuel Venture Capital, with additional support from Ascendo Venture Capital. Leap says it provides a service that allows financial and non-financial institutions to participate in cross-border money flows, eliminating inefficiencies and helping immigrants send money home. The company specialises in embedded remittances and embedded payments, offering AI-enhanced engagement, cross-border transactions, and integrated payment solutions.
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Fusion of Fintech and AI
"With a mission to financially connect millions of people in the US and Latin America, Leap Financial is pioneering the fusion of fintech and AI to transform financial services while having a true social impact," Leap said.
AI-Powered Payments Platform
Leap Financial combines its proprietary X-Border Payments Platform with a Native AI super agent (Lola) and its existing embedded financial banking and payment services infrastructure. Leap's platform integrates AI-powered agents and embedded financial services, offering remittances with fees under 1 percent, compared to the typical 6-10 percent charged by traditional providers. The company's technology eliminates intermediaries, reducing costs while ensuring compliance with anti-money laundering regulations.
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"Many companies attempt to tackle remittance and fintech, but they often excel in technology while lacking the necessary financial expertise," said Maggie Vo, Managing General Partner and Chief Investment Officer for Fuel Venture Capital. "We don't just invest in good tech and AI, we see the future in Leap's AI-driven approach, supported by experienced professionals who ultimately know this business inside and out."
"Leap was founded to help immigrants overcome disparity and change the 100-year-old ways that allow incumbents to take 10 percent cuts for check cashing services, 5 percent for simple international money transfers or drain bank accounts with shady fees from hard-working people who barely make a living," said Lionel Carrasco, CEO and Co-Founder of Leap.
Expanding Operations with New Seed Funding
Leap stated that the new capital will help its expansion, particularly in response to growing demand from its partnership with Mastercard and additional business development activity. "Leap will also use new resources to acquire talent to boost its AI component, making it easy for any financial or nonfinancial services organisation to employ AI agents to provide personalised services," the company said in a statement on Friday, December 20.
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Leap Financial
Founded by Lionel Carrasco and Marcela Henao, Leap partners with federal banks and aggregators to streamline global remittance processes, delivering funds directly to debit cards and wallets. This approach not only cuts costs but also strengthens the ecosystem against bad actors, according to the company.
