Company Research Report: Íkualo

Company Overview

Name and Mission

• Company Name: Íkualo

• Mission: Íkualo's mission is to help the immigrant community access the financial system, providing opportunities where traditional institutions have failed, aiming to bridge the financial access gap regardless of where someone was born.

Founding Information

• Founded By: Harold Correa

• Founder’s Background: Harold Correa started humbly in Colombia, overcame survival struggles in Madrid, succeeded academically in Europe, and now leads Íkualo to be the first neobank for immigrants in a continent where many struggle for financial services access.

Key People

• Chief Executive Officer (CEO): Harold Correa

• Chief Technology Officer (CTO): Ethien Salinas

• Chief Operating Officer (COO): Sergio Gutierrez

Headquarters

• Location: Benalmádena, Málaga, Spain

Number of Employees

• No information is available.

Revenue

• No information is available.

Core Competency

• What is the company known for: Íkualo is known for being a financial super app tailored specifically for immigrants in Europe, making financial transactions easy and accessible without traditional bureaucratic obstacles.

Products

Product Offerings

1. Íkualo Financial App

• Description: A user-friendly, innovative app providing centralized financial solutions for easy and secure money management, accessible regardless of immigration status.

2. VISA Debit Card

• Key Features:

• Global acceptance at stores, restaurants, and ATMs.

• Free virtual debit cards for online purchases and electronic payments.

• Instant notifications, flexible card management (freeze/unfreeze), and secure logins.

3. International Money Transfers

• Description: Fast, low-cost international money transfers expected soon.

Additional Features

• Accounts can be set up in minutes using just a passport.

• Offers competitive pricing at €2.99 per month for account services, allowing free intra-European transactions.

• Provides a simple onboarding experience, removing the need for a Spanish IBAN or extensive documentation.

Recent Developments

Recent Activities

• New Product Launches: No information is available regarding specific new product launches.

• New Features: Introduction of instant notifications, card management (freeze/unfreeze), and secure login options.

• Partnerships: Íkualo operates under payment programs facilitated by Orenda Finance in partnership with UAB Monavate for card issuance under VISA's license, with financial operations managed by LinkCy SAS in conjunction with Paynovate.

Strategic Initiatives

• Expansion of accessibility for immigrants with initiatives to open accounts quickly using passports, targeting a significant unbanked immigrant population.

• Planning to introduce quick, affordable international transfer services.

Conclusion

Íkualo stands out as a financial technology (Fintech) company deeply integrated into the immigrant community's needs in Europe, providing innovative solutions to traditional banking hurdles through technology and strategic partnerships with financial institutions to ensure secure, easy, and inexpensive financial access.