This funding round marks a significant step for Leap Financial as it positions itself to capitalize on the growing demand for efficient remittance solutions.

Leap Financial, a Miami-based fintech startup, has successfully raised $3.5 million in seed funding, led by Fuel Venture Capital with contributions from Ascendo Venture Capital.

The funding will be used to expand Leap's operations, meet increasing customer demand, and enhance its AI capabilities, particularly through a new partnership with Mastercard.

At the core of Leap's offering is its proprietary X-Border Payments Platform, which integrates a Native AI super agent named Lola to enhance user engagement and streamline transactions.

Leap specializes in embedded remittances and payments, focusing on facilitating cross-border money flows and eliminating inefficiencies for immigrants sending money home.

In a bid to disrupt traditional money transfer services, Leap offers remittance services at under 1% fees, significantly lower than the typical 6-10% charged by traditional money transmitters.

To ensure compliance and reduce fraud risk, Leap collaborates with federal banks and aggregators, streamlining remittance solutions.

Maggie Vo, Managing General Partner at Fuel Venture Capital, praised Leap's unique blend of technological expertise and deep understanding of the remittance and banking sectors.

Founded by Lionel Carrasco and Marcela Henao, Leap Financial aims to alleviate the high costs associated with remittance services that often burden immigrants.

Leap also offers a white label solution for remitters, enabling digital payments and instant transfers to cards and wallets, which contributes to a more resilient financial ecosystem.

The company's focus on AI technology not only enhances user engagement but also improves compliance in financial services.

Fuel Venture Capital, which led the funding round, focuses on investing in innovative companies globally, leveraging over 100 years of combined experience across various sectors.