Prex

What Prex does

Prex is a Montevideo-headquartered digital banking platform operated by Econstar S.A., operating since 2015 as an electronic money institution (IEDE) regulated and supervised by the Banco Central del Uruguay. The core product is a free international Mastercard prepaid card paired with a multi-currency digital account supporting Uruguayan pesos and US dollars, accessible via iOS, Android, and Huawei apps plus a web platform. The platform addresses the Uruguayan underbanked and unbanked populations with a freemium model — no account opening, maintenance, or renewal fees — generating revenue primarily through transaction-based fees including FX spreads (2.5% + USD 0.5 + IVA on international purchases), ATM withdrawal fees beyond a five-free-per-month quota, cross-border transfer commissions, and take-rate commissions on cryptocurrency trading (2% buy / 1% sell) and US stock investing via DriveWealth.

The company has expanded well beyond a prepaid card into a comprehensive financial super-app. Modules include Inversión Violeta (an automated money market fund via Gletir/Valo generating daily yields), Prex Cripto (in-app trading of nine cryptocurrencies with Lirium custody), Prex Inversiones (fractional US stock investing via Beca Advisors/DriveWealth), Prextamo (instant personal loans), Prex Teen (managed accounts for ages 12-17), Prex Empresas (business accounts with corporate cards and payroll), Prex Argentina and Prex Brasil (cross-border accounts), and Toke QR merchant payments. Distribution combines digital self-serve onboarding with a physical pickup network spanning Abitab (200+ Uruguay-wide locations), Fortex branches, and Correo Uruguayo.

The go-to-market blends product-led growth for consumers (app store presence, QR landing pages, referral links, free positioning) with a dedicated enterprise sales motion for Prex Empresas and specialized marketing channels including the Explorando Cripto educational series and cybersecurity awareness content. Revenue mechanics rely on engagement depth — FX conversion, crypto/stock trading commissions, and cross-border transfers — rather than account fees, making monetization a function of active user behavior. Founded and led by CEO Alfredo Bruce, Prex has operated for ten years without disclosed external funding rounds, and operates across Uruguay, Argentina, and Brazil with a headcount of 251-500.

Name

Prex

Legal name

Econstar S.A.

Website

https://prexcard.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Prex is a Uruguayan digital banking platform offering a free international Mastercard prepaid card, multi-currency accounts, and a broad suite of financial modules — including money market funds, crypto and US stock investing, personal loans, QR payments, and business accounts — to underbanked consumers, SMBs, and cross-border users across Uruguay, Argentina, and Brazil.

Ownership category

akta.pro rank

Product category

Digital Banking / Neobank

NAICS

Finance and Insurance (52), Credit Card Issuing (52221), Securities and Commodity Contracts Intermediation and Brokerage (5231), Open-End Investment Funds (525910)

SIC

Finance Services (6199), Personal Credit Institutions (6141)

akta.pro primary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)

Keywords

• Digital banking services
• Prepaid debit cards
• Electronic money issuance
• Cross-border payments
• Investment platform

Headquarters

HQ city

Montevideo

HQ country

Uruguay

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Foreign Exchange Spread: Revenue generated from currency conversion margins when users make international purchases or exchange currencies. The company charges (2.5% + USD 0.5) + IVA for international transactions and uses third-party provider FORTIGOLD S.A. for conversion services.
2. ATM Withdrawal Fees: Fees charged for cash withdrawals at ATMs and network service points. After 5 free monthly withdrawals, charges apply (USD 3 for dollar withdrawals, $45 + IVA for peso withdrawals in Uruguay).
3. International Transaction Fees: Commission on purchases made abroad or in foreign currencies, charged at (2.5% + USD 0.5) + IVA per transaction.
4. Cross-Border Transfer Fees: Fees for transfers between Prex Uruguay and Prex Argentina accounts (USD 0.99 IVA included) and transfers to external banks after free quota exceeded.
5. Balance Load Fees: Fees for loading balances below minimum thresholds (USD 1.97 + IVA for loads under USD 50 or equivalent). Loads above thresholds are free.
6. Investment Product Distribution: Revenue share from Investment Violeta fund distribution through Gletir and Valo partnership. Prex earns commissions from the Fondo de Liquidez Inmediata as a distribution agent.
7. Cryptocurrency Trading Commissions: Commissions on crypto buy/sell transactions: USD 0.99 + 2% for purchases, 1% for sales (IVA included).
8. Stock Trading Commissions: Commissions on US stock trading through DriveWealth: USD 0.99 + 2% for purchases, 1% for sales (IVA included).
9. PayPal Withdrawal Service: Fixed fee of USD 8 + IVA per PayPal withdrawal with minimum withdrawal of USD 20.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

Prex operates a digital banking platform that issues free international Mastercard prepaid cards and multi-currency accounts (UYU/USD) to underbanked consumers and businesses in Uruguay and LATAM. Through a single mobile app, users access payments, currency exchange, personal loans (Prextamo), investment products (money market funds, US stocks, cryptocurrency), cross-border accounts (Prex Argentina), and business banking (Prex Empresas). The company is operated by Econstar S.A., a regulated electronic money issuing institution (IEDE) supervised by the Banco Central del Uruguay.

Product overview

Prex is a digital financial services platform built around a core prepaid card and digital account product, offered by Econstar S.A. and regulated by Uruguay's Central Bank. The platform operates as a unified mobile-first solution combining a prepaid Mastercard (available in physical and virtual formats) with an expanding suite of financial modules including savings/investment products (Inversión Violeta money market account, crypto trading, stock investing), cross-border payment services (Prex Argentina multi-currency, PayPal/Payoneer withdrawals), family accounts (Prex Teen for minors), and business solutions (Prex Empresas for corporate expense management). All services are accessible through a single mobile app with 24/7 availability, multiple language support, and no maintenance fees on the core account.

Differentiator

Problem solved

Functional benefit

Products and services

• Prex (Core Digital Account & Prepaid Mastercard) Free digital account with international prepaid Mastercard card (physical and virtual) for Uruguayan consumers, enabling purchases, transfers, currency exchange, and 24/7 financial services. Available via iOS, Android, and Huawei apps with no maintenance or renewal fees.
• Prex Empresas Business banking solution for Uruguayan companies (entrepreneurs, freelancers, SMBs, and enterprises) providing corporate prepaid Mastercard cards, salary payments, supplier/invoice management, sales collection, dollar exchange 24/7, and ATM withdrawals. Account is free with no issuance, maintenance, or renewal fees.
• Prex Inversiones (US Stock Trading) Investment feature that enables Prex users to buy and sell fractional shares of 300+ US equities. Orders are channeled through Beca Advisors (regulated by BCU) to DriveWealth LLC (US broker-dealer, FINRA/SIPC member). Commissions: USD 0.99 + 2% on purchases, 1% on sales. Minimum purchase USD 10.
• Prex Cripto (Cryptocurrency Trading) In-app cryptocurrency trading platform supporting Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Pax Gold, Chainlink, Polygon, Aave, and Uniswap. Assets are custodied by Lirium (audited by Grant Thornton Liechtenstein). Commissions: USD 0.99 + 2% on purchases, 1% on sales. Daily purchase limit USD 1,000; monthly USD 3,000.
• Inversión Violeta (Remunerated Account) Automated interest-bearing account that invests user peso balances in the Fondo de Liquidez Inmediata (Money Market Fund) administered by Valores Administradora de Fondos (VALO) and commercialized by Gletir Corredor de Bolsa. Generates daily yields with no maintenance or yield-generation fees. Minimum investment: $100 pesos.
• Prex Argentina (Cross-Border Account) Multi-currency account enabling Uruguayan Prex users to hold Argentine pesos, make purchases in Argentina, and withdraw cash from RedLink and Banelco ATMs. Free internal transfers between Prex UY and Prex AR. ATM withdrawal fee: USD 3 + 21% IVA.
• Prex Teen (Minor Account) Prepaid debit account and Mastercard card for minors aged 12-17, managed by a parent/guardian through the Prex app with spending controls, monitoring, and activity alerts. Free account and card issuance/maintenance.
• Prextamo (Personal Loan) Online personal loan feature allowing Prex users to request instant credit directly from the mobile app with funds credited immediately to their Prex account. Available 24/7.
• Prex PayPal Withdrawal Service Service that enables Prex users to withdraw funds from their PayPal accounts to their Prex account or any Uruguayan bank account. Fixed fee: USD 8 + IVA per withdrawal; minimum withdrawal USD 20; maximum daily withdrawal USD 2,000.
• Toke QR Payments QR code payment system integrated within the Prex app allowing consumers to pay at Toke-accepting merchants via dynamic and static QR codes. Limits: 500 USD per operation, 3,000 USD daily. IVA discount of 2 percentage points under Ley 19.210 (Financial Inclusion Law).

Quantifiable outcome

• Free 24/7 currency exchange with preferential rates compared to traditional banks
• +3 more outcomes

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature7 records

Partnerships

15 partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or IntegrationPrex issues international Mastercard prepaid cards under licensing agreement. Cards are accepted at millions of merchants globally and at ATMs through Cirrus/Mastercard networks. This partnership provides the core payment infrastructure for all Prex card products.
• FORTIGOLD S.A. (FORTEX Servicios Financieros)coreTechnology or IntegrationCurrency conversion services provider authorized and supervised by Banco Central del Uruguay. Handles all foreign exchange operations for Prex including international transaction currency conversion and user-initiated currency exchanges between UYU and USD.
• Gletir Corredor de Bolsa S.A.coreStrategic or Co-development PartnerInvestment services partner providing access to Fondo de Liquidez Inmediata (Money Market Fund) through Inversión Violeta feature. Gletir acts as Fund Broker, Placement Agent, and Distribution Agent. Manages investor accounts for Prex customers investing in the fund.
• Valores Administradora de Fondos de Inversión y Fideicomisos S.A. (VALO)coreStrategic or Co-development PartnerFund administrator for the Fondo de Liquidez Inmediata (Money Market Fund) offered through Inversión Violeta. VALO is registered, authorized, and supervised by the Banco Central del Uruguay's Securities Market Authority.
• Beca AdvisorscoreStrategic or Co-development PartnerInvestment advisor regulated by Banco Central del Uruguay providing educational materials and channeling stock purchase/sale orders from Prex to DriveWealth. Facilitates access to US stock market for Uruguayan retail investors.
• DriveWealth, LLCcoreTechnology or IntegrationUS-registered broker-dealer providing access to US stock market. Custodies shares purchased by Prex users, member of FINRA and SIPC (protecting accounts up to $500,000). Processes orders for purchase and sale of US equities including fractional shares.
• LiriumcoreTechnology or IntegrationCryptocurrency custody provider securing customer crypto assets segregated from Lirium's own funds. Assets are assigned to individual customer accounts with exclusive ownership. Lirium audited by Grant Thornton Liechtenstein annually.
• Amazon Web ServicescoreTechnology or IntegrationCloud infrastructure provider hosting Prex customer data in US-based servers. Data processing and storage for the platform occurs on AWS infrastructure as explicitly authorized in Prex terms and conditions.
• PayPalcoreChannel Partner/ Reseller/ DistributorIntegration enabling Prex users to withdraw funds from their PayPal accounts to Prex or Uruguayan bank accounts. Service has fixed fee of USD 8 + IVA per withdrawal with minimum withdrawal of USD 20 and maximum daily limit of USD 2,000.
• PayoneercoreChannel Partner/ Reseller/ DistributorIntegration for receiving international payments and withdrawals from Payoneer accounts to Prex, enabling freelancers and remote workers to access their international earnings.
• CloudflarecoreTechnology or IntegrationSSL certificate provider ensuring website security with encryption. Protects prexcard.com website and user data transmission through security certification.
• Banred and RedBrou (ATM Networks)coreTechnology or IntegrationUruguayan ATM networks enabling cash withdrawals for Prex cardholders. Users receive 5 free withdrawals per month before transaction fees apply.
• RedLink and Banelco (Argentina ATM Networks)coreTechnology or IntegrationArgentine ATM networks enabling cash withdrawals for Prex Argentina cardholders at RedLink and Banelco ATMs throughout Argentina.
• AbitabcoreChannel Partner/ Reseller/ DistributorExtensive network of service points throughout Uruguay for card pickup and balance loading. Over 200 branches nationwide including interior country locations provide physical distribution for Prex products.
• Correo UruguayominorChannel Partner/ Reseller/ DistributorNational postal service providing card delivery to Correo Uruguayo branches throughout Uruguay. Enables access for customers in remote areas without Abitab or Fortex coverage.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ualá: Argentina's leading neobank offering a prepaid Mastercard, multi-currency accounts, investments, personal loans, and cross-border capabilities. Closely comparable to Prex in product mix and underbanked target customer, with a similar LATAM cross-border thesis.
• Brubank: Argentina-based 100% digital bank offering Mastercard products, fee-free account structure, and mobile-first experience. Acquired by MercadoLibre in 2022, it represents a directly comparable prepaid-card-led neobank model operating in Prex's adjacent market.
• Wilobank: Uruguayan digital bank offering prepaid cards and digital accounts; serves as the most direct home-market competitor to Prex with overlapping customer base, product suite, and regulatory framework under BCU supervision.

Broad incumbents

• Mercado Pago: LATAM's largest digital payments and wallet platform, embedded within MercadoLibre's commerce ecosystem. Offers accounts, credit, payments, and merchant services across the region — a broad incumbent whose scale and capital base set the competitive benchmark Prex must contend with.
• Nubank: LATAM's largest neobank with operations in Brazil, Mexico, and Colombia, offering credit cards, savings, investments, personal loans, and insurance. A scaled broad incumbent whose multi-country playbook parallels Prex's regional ambitions, executed at far greater scale and capital depth.
• PicPay: Brazilian digital wallet and financial services platform offering payments, investments, crypto, and credit. Competes in one of Prex's expansion markets (Brazil) with a similarly broad product suite and inclusion-oriented positioning.

Regional players

• Mach: Chilean digital bank backed by Banco de Chile/BICE offering prepaid Mastercard, digital wallets, and business accounts. Operates in a different geography but pursues a similar digital-banking-for-the-underbanked model with comparable product architecture.
• Tpaga: Colombian digital wallet offering payments, savings, and credit products to underbanked consumers. Operates a similar inclusion-focused, mobile-first model in a different LATAM geography with overlapping product verticals.
• Stori: Mexican fintech issuing credit cards to underbanked consumers via mobile app. Shares Prex's financial-inclusion mission and prepaid/credit card-led product model, but operates in the Mexican market rather than the Southern Cone.

Emerging players

• Moni: Argentine fintech focused on personal lending and credit for underserved consumers and SMEs. Closely comparable to Prex's Prextamo personal-loan product, with overlapping underbanked customer segments and similar digital-first credit origination model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/prexuruguay
• Facebookfacebook.com/PrexCardUruguay
• Instagraminstagram.com/prexuruguay
• LinkedInlinkedin.com/company/prexarg-uy

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 Prex