# Coco Pago (YC S19)

Coco Pago is the Revolut for Latin America. A super app for money transfers and financial services

## Elevator pitch
We allow migrants to send money back home faster and easier using stablecoins

- Canonical URL: https://wefunder.com/coco.pago
- Entity ID: wefunder:company:83966
- Last updated: 2026-06-20T05:00:36Z
- Generated at: 2026-06-20T13:45:50Z

## Quick facts
- Coco Pago is Revolut for Latin America, it helps migrants send money back home, a $120B market
- Launched in early 2022, now making $90k in monthly revenue, and currently profitable
- The founders are Venezuelan Migrants understand the pain of sending money to Latin America
- The founders have 9+ years of experience building financial products using blockchain technology
- Raised $1.5M from YCombinator and top investors. Now raising $500k to expand in Latin America.
- Migrant Money Transfers Market Size -Transfers to LatAm $120B -Transfers to Venezuela: $6B

## Active fundraises
- wefunder:fundraise:89681: 4(a)(6) successful (USD)
- wefunder:fundraise:89682: 4(a)(6) successful (USD)
- wefunder:fundraise:59003: 4(a)(6) successful (USD)
- wefunder:fundraise:59004: 4(a)(6) successful (USD)
- wefunder:fundraise:44472: 4(a)(6) successful (USD)
- wefunder:fundraise:44476: 4(a)(6) successful (USD)

## Story
Note: Forward-looking projections cannot be guaranteed.Note: Forward-looking projections cannot be guaranteed.

## FAQ
1. **With the argument of cryptocurrency- why not just send someone money this why? Why do they need to use you? What's unique or special about your company?**
   - The majority of the population in Latin America is unbanked. On the other side, more than +70% have a smartphone. Crypto enables people to use their bank as a bank account to receive money from anywhere in the world in minutes.
2. **Gentlemen, I'm trying to figure out your math... You say"📈 GMV = $1.2M per month; $7.3M per year (1,096% YoY growth rate since 2019)", but typically any value "per year" will be approximately 12 times the monthly rate. Twelve times $1.2M would be $14.4M. By the same token, a G...**
   - Hi W Kim -- You are right. It's confusing. I just fixed it. $1.2M was our GMV on April --- $7.3M was our GMV in 2020 -- $630k was our GMV in 2019
3. **Why isn't anyone answering legitimate questions? Please reply. Thanks. Blessings**
   - I appologize -- i didn't get any notifications to my email or phone. Just realized there was an "ask a question" section. I spoke to the team at Wefunder and they told me I'm can't get notifications, and that i should check this page every 72 hours at least -- which i will be doing now :-)
4. **Agree with W Kim Colich. Not going to invest in something that doesn't take time to answer questions.**
   - I appologize -- i didn't get any notifications to my email or phone. Just realized there was an "ask a question" section. I spoke to the team at Wefunder and they told me I'm can't get notifications, and that i should check this page every 72 hours at least -- which i will be doing now :-)
5. **Hi wanted to ask what is approx the current value of your business?**
   - The valuation for this round is $8M

## Team
- Kevin Charles (CEO/CTO)
- Victor Charles (CFO)
- Francisco Martin (CMO)

## Recent posts
- Campaign closing this week! (2022-04-26T00:02:01Z)
- Raised +$100k so far, about to reach $150k this week🚀 (2022-04-18T18:43:48Z)
- Invest in Coco's new crowdfunding campaign today! (2022-04-11T14:28:56Z)
- Form C filed (2021-10-06T17:02:41Z)
- Crypto liquidity is changing the game. We’re past the “if” — it’s now onto “when.” (2021-10-04T17:48:23Z)
- Filing Form C this week (2021-09-28T21:33:52Z)
- In less than 24 hours we reached our first goal of $50k🙌🏼 (2021-09-16T20:16:03Z)
- Thousands of Venezuelan migrants rely on us to take care of their families back home🙌🏼 (2021-09-15T11:55:55Z)
- Celo Camp Batch's winners🏆 (2021-09-13T17:21:38Z)
- Get to know Victor & the Coco Mercado story 🥥 (2021-05-04T16:44:23Z)

## Q&A
- Q: Hey Victor, appreciate your thorough and prompt responses to the previous questions. Few follow-ups. 1) *Revenue* . How are you defining revenue? Is it the total $$ that flows through Coco Pago or through Coco Pago + Mercado or it is the % commission? Btw - what is the commission you currently charge? 2) Retention. How are you defining retention? Can you expand on 22% retention - do you consider it too low, what might be causing it and what steps you are taking to resolve it? 3) Coco Pago v/s Mercado . Seems like the initial traction has been through mercado. So, why not continue building that first v/s shifting focus to Pago? 4) Company Name - Seems like the company is called Coco Page - which happens to be one of the (current) two products. Why not have an umbrella name that covers both products and is marketable collectively across all products.
  - A: 1. Revenue = GMV on Coco Mercado. We add 15% markups (gross profit) on products sold there. 2.Retention has definitely a lot of room for improvement and this represents one of our main challenges today. While a percentage of our users use frequently (monthly), most users only use us for specific occasions (birthdays, mother’s day, Christmas, etc). To improve retention, we’re doing 2 things: (i) building Coco Pago. Many of our users asked us for ways to send money, and this product is a response to that. (ii) we’re building “Coco Prime”: a subscription program for Coco Mercado that will offer incentives for users to use us every month. 3.We see both products as complementary. Coco Mercado is more niche - for people who like to have more control over the money being sent back home, or enjoys the convenience of the service. Although focusing in this niche across different markets represents a big opportunity, in general, most people just like to send money and let the beneficiary decide how to spend it. We believe there’a a big opportunity for creating mobile financial products for the unbanked/underbanked and improve the way digital cross-border remittances work, which we don’t want to miss. We have a crypto background (launched first bitcoin exchange platform in Venezuela back in 2014) and understand the technology. As I mentioned before, we acknowledge there’s still lots of challenges ahead but our bet is: crypto, if done right, can improve the remittances space. And we want to be at the forefront of this space. 4.That’s a good point. In general, we like to call ourselves just “Coco”, but try to differentiate both products. In the long run, if Coco Pago has the success we hope it will, we might either just call it “Pago” (“Pay” in Spanish), or Call it just “Coco” as well.
- Q: Hey Victor. Interesting concept, traction. I am considering an investment. Few questions though. 1) What is the relationship between Coco Pago and Coco Mercado? 2) Are we investing Coco Pago or Mercado or both? 3) Where can I find form C. Can you share link? 4) What were the revenue in 2019, 2020, 2021 and the annual gross profit respectively for each of these years. 5) Why wouldn't someone simply send money through a wallet? Why would they use Coco instead? 6) How did you arrive at the valuation? What's the multiple w.r.t. to your 2021 revenue 7) Can you share other KPIs: Churn, Active customers, burn rate, How often they visit for transfer. 8) You mentioned 17 months of runway through this raise. Are you accounting for the profit you are generating? It would be good to share key metrics, consider revising the existing ones for clarity and also provide a roadmap of what to expect over the next couple years.
  - A: Hey Nikk - thanks for reaching out and for your interest in supporting us in this journey. To answer your questions: 1. They’re 2 products built under the same company. We built Coco Mercado first as a way to solve an initial problem migrants had (helping their families back home get the food they need) and second as a way to quickly capture some market share, build a significant customer base and deploy a crypto wallet (which was our initial idea) later on. Our strategy has always been: to create a product people need, that is easy to use, and a brand they can trust, then build more products on top of it. Kind of like the same way as Mercado Libre → Mercado Pago, or Alibaba → Alipay. 2. Both. 3. We already completed the legal set up on our end and the independent CPA completed the financials review 2 days ago. We’re just waiting for our folks at wefunder to draft the Form C, which hopefully will be this week. Will share a link once I have it. 4. 2019 revenue: 630k, gross profit: $83k. 2020 revenue: 7.3M. Gross profit: $920k. 2021 revenue to date: $9.5M, gross profit: $1.1M. We estimate to close the year at $15M in revenue, especially considering that Q4 is always the strongest. 5. Our thesis is: on one hand, the vast majority of people in emerging markets are either unbanked or underbanked, which is the reason why the majority of worker remittances are picked up in cash. As the world transitions to digital payments, we want to position ourselves for the digital shift in remittances. Crypto allows people to receive money from their phones, and our non-custodial wallet solution allows us to operate in many jurisditicions/corridors without the need to get a money transfer lisence and without dealing with many regulations in the space. There’s still many challenges ahead when it comes to building a solution that’s both easy to use and cheap, but if we nail it, the opportunity is huge. 6. A combination of revenue and market size opportunity. Also - we’re raising $500k in this round and after doing some math, we came to the conclusion that $8M is the minimum valuation we can do to avoid diluting too much at this stage, considering we’ve raised a $600k pre-seed in the past (including Y Combinator, which took 7% of the comapny). 7. -Retention is 22% , Monthly customers: 10k on average, burn rate last month was $40k, on average, customers use our service 4 times every year. We plan to increase retention and LTV through the wallet, and also create a subscription program (“Coco Prime”) for Coco Mercado. 8. 17 month runway for the wallet product alone, not accounting current revenue from Coco Mercado. Our goal is to show strong traction on the wallet for the next following months, which we’re confident we can achieve, then raise a series A on Q1 2022. Globally, digital cross-border remittances is estimated to go from $295B in 2021 to $428 in 2025. In the short term, our goal is to conquer Venezuela. There’s currently around 5 million Venezuelan migrants/expats. Many of them send money back home. This will grow to a 7 million migrant population within the next 2 years. We want to capture at least 1 million users within the next 2 years. Let me know if you have any other question.
- Q: Not much has been posted on your page for sometime. Any big updates, 2023/2024 estimated revenues?
- Q: Hey Victor, congrats for what you are building! Quick one: is the investment in discussion for a new and separate business, or is Coco Pago a pivot of Coco Market (S19 YC company)? Thanks for the clarification.
  - A: Hi Matteo - that's a good question that we get often. The way we see it, our goal is to become the number 1 remittances company. Our initial product, Coco Mercado, allowed us to go after the in-kind remittances market (people sending goods back home) in a successful way. Now, we're going after the cash remittances market, which represents the vast majority of the remittances market. We (the founders) have a strong background in crypto, having launched Surbitcoin, the first bitcoin exchange platform in Venezuela, back in 2014. Back then, we learned about the potential of the intersection of crypto and remittances. With this round, we hope to take Coco Pago to the next level. If it continues to grow at the same rate it has been over the last 5 weeks, this product could become our main focus. We have yet to decide whether we will include both services (send food+medicine and money via crypto) in one (super) app, or will keep them separate. We will make a decision within the next few months.
- Q: Hey Victor, do you intend to expand to Africa in a near future?.. potential investor Speaking from Nigeria.. Thanks
  - A: Once we conquer LatAm, yes! we would love to expand to Africa :-)
- Q: Hello Victor. I work for an angel investor who is interested in working with you. Can we set up a meeting to discuss?
  - A: Hi Lauren - sure. My email is victor@cocomercado.com
- Q: Hello Victor, thank you for answering my questions. I think you are positioned for great success with Coco Pago.😀 I reserved my investment.😀
- Q: Hi, could you please give us your 2021 revenue? Thank you
  - A: Hi Lea, we did $13.3M in sales, and revenue was $1.1M
- Q: Congratulations on building a cool product and your amazing growth. With the recent introduction of the Novi wallet by Facebook, how do you intend to compete with this new entrant into the space? It appears they are not charging any transaction fees which makes me wonder how this model can be profitable. I suspect Novi is simply making a play for scale and will eventually add fees. Would love to hear your strategy.
- Q: Is this campaign still closing on the 15th?
  - A: Hi Calvin - yes it is!
- Q: In response to a question below, you state: “Later today we’ll be reducing our maximum goal to $60k here . As of now, ouf [sic] of the $109k in reservations, $44k added payment method added. We’ll honor those who added payment method already and allow $16k more.” Are you still planning to reduce the goal to $60K or will it remain $500K as stated elsewhere? (If it’s $60K, then - based on the $44K in payments already received - you should max out when the “invested” amount reaches $125K, correct?)
- Q: IPO plans?
  - A: That's every entrepreneur's dream, including us :-)
- Q: Just want to confirm that you're only raising $500K this round, because the "Details" section of the campaign outlines how you will spend the $700K you're trying to raise.
  - A: Yes - $500k. We just raised it to $700k last minute as wefunder advised it'd be hard to increase it later if we decided to.
- Q: Do you plan to extend your services to loans on Pago or DeFi capabilities in general to provide the unbanked with the financial services only banked people have access to?
  - A: Yes. Microcredits using DeFi is something we'll be aiming for next year.
- Q: Hi wanted to ask what is approx the current value of your business?
  - A: The valuation for this round is $8M