Hapi Aims to Democratize Stock Investment in Latin America

Published 5 months ago
  Hapi

Hapi, a wealthtech company founded by three Peruvians in the United States, continues to strive towards its goal of democratizing stock investment in Latin America. In September, the firm secured an investment round of $1.6 million to bolster its growth and improve its product for trading stocks and other instruments on American exchanges.

Exponential Growth

According to Dusko Kelez, CEO and co-founder, Hapi is currently focused on maintaining the exponential growth it has experienced since its inception in October 2020. The company reported having 10,000 users at the end of 2020 and expected to reach 75,000 by the end of 2022. Now, Hapi is nearing 300,000 users and aims to hit 500,000 by the first quarter of 2024.

Factors Behind the Growth

Kelez attributes this growth to several factors. Increasing numbers of Latin Americans are showing interest in investing their money, enabled by greater internet access. Additionally, the attractive returns of the U.S. stock market and the calming volatility have drawn more investors.

Geographical Focus

Currently, the majority of Hapi’s clients (around 80%) are in Colombia, Chile, Mexico, Argentina, Ecuador, Venezuela, and Peru. The company has a smaller presence in Central American countries and Caribbean islands and has yet to establish a substantial footprint in the United States.

Expansion of Services

Hapi is planning to introduce investment in ADR (American Depositary Receipt), reprogrammable stock purchase and sale orders, and a prime membership to its platform guaranteeing immediate payment of sold funds. The company has also started to integrate cryptocurrencies into its platform due to customer interest and currently processes transactions with Litecoin, Bitcoin, Dogecoin, Shiba, Ethereum, and USDC.

Crypto Investment Process

Users can purchase dollars with their cryptocurrencies and use these dollars to buy stocks. Profits can then be converted back into cryptocurrencies and stored in a digital wallet or converted to dollars and deposited into a pre-defined bank account.

Company Mission

Hapi’s mission is to bring prosperity to people through the democratization of investments, according to Kelez. The wealthtech currently manages assets worth $40 million. The average investment on Hapi is $250, and the average account size is $750, in both cash and cryptocurrencies. Over the next six months, the startup plans to reach the break-even point.