Investment memorandum · Fintech Infrastructure

Cross-Border Payments and FX Infrastructure in Latin America

Remittance rails, stablecoin settlement, multi-currency treasury for exporters, and the FX execution layer that sits underneath every bank and fintech in the region.

By Raimundo García-Huidobro · October 2026

The last cycle rewarded the wallet. The next one rewards whoever owns the exchange rate.
In progress

This memo is being built in the open. First version expected October 2026. Follow the Learning Log or the RSS feed to see it land.

Outline

This memo is in progress. It draws on three years spent inside the FX and capital-markets technology stacks of two Spanish banks with large Latin American operations, and will cover:

  1. Why now — remittance volumes, the stablecoin settlement shift, capital controls in Argentina, and the corporate treasury problem for exporters earning in dollars and paying in pesos or reais.
  2. Valuation regime — how payments infrastructure trades versus consumer fintech, and why the distinction matters for a LatAm underwriting.
  3. Category definition — execution infrastructure, not balance-sheet risk.
  4. Market map — remittance rails, B2B cross-border, FX-as-a-service, stablecoin on/off-ramps, treasury software.
  5. Seed and Series A pipeline — public information only.
  6. Growth-stage proof points and exit comparables.
  7. Ticket fit and diligence questions.

Written October 2026. Personal research; not investment advice; does not reflect the views of Onwards VC or any other organisation. Public information only.