What Leap Financial does

Leap Financial is a Miami-headquartered B2B fintech infrastructure company founded in 2018 by Latin American immigrants Lionel Carrasco and Marcela Heano. It provides a modular, cloud-based platform of embedded and white-label financial services targeting the cross-border payments corridor between the United States and Latin America, a market estimated above $155 billion annually. The company operates as a software company (not a bank or money service business) that integrates processors and bank sponsors via APIs, enabling partners to offer remittance, card, and AI-powered banking services without building underlying infrastructure or navigating regulatory complexity directly.

The platform comprises three core products: Embedded Remittance (ASK/SEND) for white-label cross-border payments with real-time delivery to bank accounts, cards, and wallets; Cloud Cards for cobranded instant digital debit card issuance; and Lola, an AI-powered conversational banking agent available via WhatsApp and Telegram. Lola is powered by OpenAI models and supports multimodal text and voice interactions in multiple languages, handling KYC/AML/BSA workflows and completing transactions end-to-end. Underlying infrastructure relies on strategic partnerships with Mastercard Direct (23+ LATAM corridors), Visa Direct (100+ global corridors), Intermex (96%+ reach in Mexico), and a broader fintech enabler ecosystem including Galileo, Plaid, CyberSource, Tabapay, VGS, and InComm. The platform operates under US Federal Bank Sponsorship with multi-jurisdictional compliance covering KYC, AML, BSA, and 21 domestic and international identity databases.

Leap Financial monetizes through transaction fees on processed remittances (targeted at under 1% versus the 6-10% industry standard), white-label platform licensing, and subscription-based AI agent services. The go-to-market is sales-led and channel-driven, targeting financial institutions, fintechs, retailers, government entities, and telecommunications companies as white-label partners. Named partners include Tigo Money, Sacbé Payments, Alquimia, h.way, Laboras, Mahogany, Parallel, and Tzune. The company merged with Abankgard in 2021 to scale platform capabilities and achieve program manager status, and closed its first institutional funding round of $3.5 million in December 2024 led by Fuel Venture Capital and Ascendo Venture Capital.

Name

Leap Financial

Legal name

Leap Financial

Website

https://leapfinancial.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Leap Financial is a Miami-based B2B fintech infrastructure company offering white-label and embedded cross-border payments, cobranded debit cards, and AI-powered conversational banking to financial institutions, fintechs, retailers, and telecoms serving the US-Latin America remittance corridor.

Ownership category

akta.pro rank

Product category

Cross-Border Payments & Fintech Infrastructure

NAICS

Activities Related to Credit Intermediation (5223)

SIC

Finance Services (6199)

akta.pro primary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

akta.pro secondary industries

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Card Issuing & Program Management Platforms (BPAMAFAH), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

Keywords

• Embedded remittance platform
• Cross-border payments infrastructure
• Conversational banking AI
• White-label fintech platform
• Co-branded debit cards

Headquarters

HQ city

Miami

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction Fees: Platform charges transaction fees on remittances and payments processed through the platform. Targets under 1% transaction costs compared to traditional 6-10% charged by money transmitters.
2. White-Label Platform Licensing: Licensing fees for white-label and embedded solutions enabling partners to offer branded financial services. Partners integrate via API/SDK with full compliance and operational support.
3. AI Agent Services: Transactional AI agent (Lola) services offered to partners for customer onboarding, support, and transaction facilitation through messaging platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Leap Financial is a software company that provides a modular, cloud-based white-label and embedded platform enabling businesses to offer cross-border and domestic digital payments, cobranded debit cards, and AI-powered conversational banking. The platform integrates payment processors and federal bank sponsors via APIs and SDKs, supporting remittances, card issuance, and transaction services through Visa Direct, Mastercard Direct, Intermex, and a cash deposit network of 85,000+ US retail locations. End users can interact with the platform conversationally via WhatsApp or Telegram through the proprietary Lola AI agent.

Product overview

Leap Financial operates as a B2B fintech infrastructure company offering a modular platform of embedded financial services. The core offering consists of Embedded Remittance (ASK/SEND) for cross-border digital payments, Cloud Cards for cobranded instant debit card issuing, and Lola for AI-powered conversational banking via WhatsApp and Telegram. Routing Accounts provides virtual account management, while Custom Solutions offers tailored financial consulting. All solutions are white-label or embeddable via API/SDK, backed by Federal Bank Sponsorship and powered by payment rails from Visa Direct and Mastercard Direct.

Differentiator

Problem solved

Functional benefit

Brands

• Lola AI: AI-powered virtual agent platform enabling conversational banking and cross-border payments via WhatsApp and Telegram, designed to help immigrants adjust to US financial systems.

Products and services

• Embedded Remittance (ASK/SEND) White-label or embedded cross-border payments platform enabling businesses to offer digital remittances with real-time delivery to bank accounts, cards, and digital wallets. Partners can set their own pricing, manage margins, and fund transactions through banks, cards, wallets, or 85,000+ US retail cash deposit locations. Multi-jurisdictional compliance provides transparency and traceability to meet varying regulatory needs.
• Cloud Cards Cobranded instant digital debit card issuing solution that enables businesses to deliver value to customers across borders without physical card costs or operational complexity. Supports primary users with digital and physical cards and secondary users who can access funds via a link without downloading an app. Avoids development costs, cash processing complexities, and long time to market.
• Lola AI (Conversational Banking) Proprietary AI virtual agent platform powered by OpenAI technology that enables conversational banking through WhatsApp and Telegram without app downloads. Lola interprets human intentions across multiple languages, retrieves information from proprietary databases, completes transactions end-to-end, and supports KYC/AML/BSA compliance. Enhances user engagement from onboarding through up-selling and real-time transactions via chat and voice; AI virtual agents are reported to convert up to 10X more accounts.
• Leap Custom Solutions Custom-tailored financial experiences and consulting engagements delivered by a seasoned team with a proven record in financial and business consulting. Designed to deliver high-quality, engaging financial experiences specifically tailored to a partner's business needs on top of the Leap platform.

Quantifiable outcome

• Reduces remittance transaction costs to under 1% compared to traditional 6% industry average
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability8 records

Feature5 records

Partnerships

14 partnerships are on record, tiered flagship and supporting.

• VisaflagshipStrategic or Co-development Partner · 1 January 2023Collaboration with Visa Direct to transform digital remittances, cutting intermediaries and simplifying cash transactions. Powered by transactional AI, the partnership enables real-time, scalable financial services through Visa's global payment network. Provides access to 100+ corridors for money delivery to cards, bank accounts, and wallets.
• MastercardflagshipStrategic or Co-development Partner · 1 January 2021Strategic partnership for embedded remittance services in Latin America. Enables financial and non-financial entities to participate in cross-border money flows through Mastercard's payment network. Provides access to 23+ corridors with integrated delivery to cards, bank accounts, and wallets. Partnership includes co-marketing and feature in Mastercard Future of Remittances white paper.
• IntermexsupportingTechnology or IntegrationEfficient solution for transferring funds to Mexican bank accounts, operating 24/7 with 96%+ reach. Ensures thorough verification of recipient account ownership for secure transactions.
• GalileosupportingTechnology or IntegrationPayment processing and card issuing platform partner providing infrastructure for Cloud Cards and embedded payment solutions.
• PlaidsupportingTechnology or IntegrationData connectivity partner enabling secure connection to users' bank accounts for verification and transaction processing.
• CyberSourcesupportingTechnology or IntegrationPayment gateway partner providing secure payment processing infrastructure for embedded payment solutions.
• DoshsupportingTechnology or IntegrationCashback and rewards platform partner integrated into payment solutions for customer engagement and loyalty.
• InCommsupportingTechnology or IntegrationPayment solutions provider enabling cash loading and digital payment services at retail locations.
• TabapaysupportingTechnology or IntegrationPayment technology partner providing payment processing capabilities and bank sponsorship connections.
• VGS (Very Good Security)supportingTechnology or IntegrationSecurity and data protection partner for sensitive data handling and compliance support.
• IdologysupportingTechnology or IntegrationIdentity verification services partner supporting KYC/AML compliance requirements.
• FinconectasupportingTechnology or IntegrationBanking-as-a-Service platform partner enabling open banking integrations and connections.
• WOCCU (World Council of Credit Unions)supportingTechnology or IntegrationCredit union cooperative partner providing connections to credit union networks for payment services.
• EndeavorsupportingStrategic or Co-development PartnerEntrepreneur support organization that Leap founders registered with after a previous exit, providing mentorship and network access for high-impact entrepreneurs.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• MoneyGram: Global remittance incumbent with strong cash-pickup and digital cross-border capabilities targeting the US-Latin America corridor. Directly competes in the same end-customer remittance market Leap's partners serve.
• Remitly: NASDAQ-listed consumer remittance app serving the US-Latin America corridor and other corridors at scale. Operates in the same cross-border remittance space as Leap but as a branded B2C player rather than embedded B2B infrastructure.
• Wise: Public cross-border payments company offering low-cost international transfers to consumers and businesses. Targets the same cost-conscious cross-border customer base Leap serves, but with broader geographic and product scope.
• Galileo Financial Technologies: SoFi-owned card issuing and payment processing platform used by Leap as a partner for Cloud Cards. Comparable as a card-issuing and embedded payments infrastructure provider serving fintech partners.

Direct peers

• Nium: Singapore-headquartered B2B cross-border payments infrastructure platform offering APIs for remittances, payouts, and card issuing across 100+ corridors. Closely comparable to Leap's embedded remittance and Cloud Cards offering via API/SDK delivery to enterprise partners.
• Thunes: Global cross-border payment network enabling money movement to 130+ countries through a single API. Directly comparable to Leap's B2B model of routing remittances across multiple corridors with compliance and bank sponsorship built in.
• Veem: Multi-currency B2B payments platform offering cross-border payment rails to SMBs and platforms. Comparable embedded cross-border infrastructure model targeting partners rather than direct consumers.

Regional players

• DLocal: Uruguay-based payments platform focused specifically on emerging markets, with deep LATAM coverage. Directly comparable to Leap's US-to-LATAM corridor focus and embedded payments model.
• Bitso: LATAM-focused crypto and remittance platform enabling US-to-Mexico and other LATAM corridors. Comparable regional corridor focus, though Bitso leans on crypto rails while Leap leans on card and bank rails.

Emerging players

• Felix Pay: Chat-based LATAM payments platform operating over WhatsApp to enable cross-border payments and money movement. Closely aligned with Leap's Lola AI conversational banking angle for the LATAM corridor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Leap Financial