As Immigrants Continue Being Targeted During Money Transfer Process, Peninsula Latino Leaders Partner with Silicon Valley Tech Company to Make Money Transfers Safe Through Innovative Online Platform Prósperos

Currently, families are at risk of robbery while traveling to banks and wire transfer locations, as these transactions often involve carrying large amounts of cash.

REDWOOD CITY, Calif., Oct. 23, 2024 /PRNewswire/ — In response to the growing threat of robberies targeting immigrant families during traditional money transfers, 

Peninsula Latino leaders have teamed up with Silicon Valley tech innovators to launch a groundbreaking online platform that ensures secure and convenient money transfers. With over $156 billion sent each year from the United States to Latin America, immigrants often face significant risks when carrying large amounts of cash to banks and wire transfer locations. This new platform aims to eliminate those dangers by offering a safe, digital alternative that protects both the sender and receiver. 

Background: 

Prósperos was founded by Salvador “Chava” Chávez and Vinay Pai to address a need they’ve both seen and personally experienced. Vinay’s volunteer work with nonprofits in California and rural communities in Mexico, Nicaragua, and Honduras exposed him to the challenges faced by hardworking families who support loved ones in the U.S. and abroad. For Chava, the mission is deeply personal: his father, a former field worker who eventually moved to construction, struggled to access modern banking and paid high fees to cash checks and send money to family in Mexico. Drawing on their personal experiences and professional expertise—having helped take a Silicon Valley fintech company public on the NYSE in 2019—they have now launched Prósperos, a groundbreaking solution transforming the financial lives of immigrants nationwide.

Through the Prósperos app, users can deposit money directly and transfer funds effortlessly to their loved ones in seconds, who can then use their Prósperos cards for everyday purchases like food, gas, and clothing. The only fees associated with the service for cash withdrawals abroad are on behalf of the ATM and not Prósperos. This ensures that families can send money home without the burden of excessive charges.

Visuals: Interviews with community leaders. Prósperos leaders show how the technology works using a mobile device. 

Learn more about Prósperos:
Prósperos Website

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SOURCE Prosperos, Inc.