Coco Wallet
Your global dollar account powered by stablecoins.
Website: https://www.cocowallet.app/
Cover Block
| Field | Value |
|---|---|
| Name | Coco Wallet |
| Tagline | Your global dollar account powered by stablecoins |
| Headquarters | New York, NY, USA |
| Founded | 2019 |
| Stage | Seed |
| Business Model | B2C |
| Industry | Fintech |
| Technology Type | Blockchain / Web3 (stablecoin rails) |
| Geography | Latin America (with US and EU account support) |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (3) |
| Funding Label | Seed (Y Combinator S19) |
Links
- Website: https://www.cocowallet.app/
- LinkedIn: https://www.linkedin.com/company/cocopago
- Instagram: https://www.instagram.com/cocowallets/
- App Store: https://apps.apple.com/us/app/coco-wallet-banca-digital/id1570325141
- Y Combinator profile: https://www.ycombinator.com/companies/coco-wallet
The Short Version
Coco Wallet is a New York-based consumer fintech that issues dollar-denominated accounts settled on stablecoin rails, targeting Latin American migrants who need to move money home cheaply and quickly [Y Combinator]. The company was founded in 2019 by brothers Kevin and Victor Charles together with Francisco Jose Martin Toro, and was admitted to Y Combinator's Summer 2019 batch [Y Combinator]. Its core product is a mobile wallet that lets users hold balances in dollars, top up via card or crypto on-ramp partners such as Ramp Network, and send funds locally and across borders without the fees typically charged by traditional remittance corridors [Ramp Network] [App Store]. The founding team's prior venture, Surbitcoin (described as Venezuela's first bitcoin exchange), gives them direct operating context for the high-inflation, capital-controlled markets the wallet now serves [Kingscrowd, 2022]. Reported revenue reached $1.1M in 2024 against a 66-person team, suggesting an early commercial footprint that has scaled headcount ahead of monetization [GetLatka, 2024]. The company has roughly 51,000 Instagram followers under the @cocowallets handle, a soft signal of consumer brand traction in its target diaspora communities [Instagram].
Data Accuracy: GREEN -- Confirmed by Y Combinator, LinkedIn, App Store, Ramp Network, GetLatka, and Kingscrowd.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Seed |
| Business Model | B2C |
| Industry / Vertical | Fintech, cross-border payments / remittances |
| Technology Type | Blockchain / Web3 (stablecoins) |
| Geography | Latin America, with US and EU account presence |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (3+) |
| Funding | Seed, Y Combinator (S19) [Y Combinator] |
The Company in Brief
Coco Wallet was founded in 2019 in New York by Kevin Charles, Victor Charles, and Francisco Jose Martin Toro, and entered Y Combinator's Summer 2019 cohort the same year [Y Combinator]. The company operates publicly under both the Coco Wallet and Coco Pago brands [Crunchbase] [Kingscrowd, 2022]. Its founding thesis is that stablecoins can bridge the traditional and digital economies for migrants and that a consumer wallet built on those rails can offer a 100x better solution to send money back home relative to legacy remittance providers [LinkedIn].
The team's roots in Venezuela are central to the story. Kevin and Victor Charles previously co-founded Surbitcoin, described in coverage of the company's 2022 Wefunder raise as Venezuela's first bitcoin exchange [Kingscrowd, 2022]. Coco Wallet has since broadened its positioning from a Venezuela-first remittance tool toward a global dollar account, advertising US and European account capabilities and fast transfers into Venezuela on its consumer channels [Instagram] [Coco Wallet].
Key milestones in the public record are consistent: a 2019 founding and YC admission, a 2022 community round on Wefunder under the Coco Pago brand [Kingscrowd, 2022], the launch and maintenance of the Coco Wallet iOS app [App Store], and a published integration with on-ramp provider Ramp Network [Ramp Network]. By 2024, third-party database GetLatka reported the company at $1.1M in revenue and 66 employees [GetLatka, 2024].
Data Accuracy: GREEN -- Confirmed by Y Combinator, LinkedIn, Kingscrowd, Ramp Network, App Store, and GetLatka.
What They Have Built
The product is a consumer mobile wallet that holds balances in US dollars and settles cross-border movement on stablecoin rails. The App Store listing describes Coco Wallet as letting any person with a mobile phone send and receive money instantly, locally and internationally, without the usual high transaction fees [App Store]. Third-party directory PromptLoop characterizes the product as a comprehensive super app, integrating remittances, payments, savings, and earnings, all powered by stablecoins and designed specifically for the unique financial needs of Latin American users [PromptLoop].
On the technology side, the Ramp Network integration confirms a fiat-to-crypto on-ramp dependency for at least part of the funding flow, with KYC handled by the partner [Ramp Network]. The wallet's stablecoin layer, custody model, and supported chains are not described in detail in the public sources reviewed.
The app has been live on the US App Store since at least the listing's original publication, and the company maintains an active consumer presence on Instagram with roughly 51,000 followers [Instagram] [App Store].
Data Accuracy: YELLOW -- Product claims confirmed by App Store and Ramp Network; underlying chain, custody, and licensing stack not publicly disclosed.
Market Research and Opportunity
Latin American remittances and dollar-access demand are two of the clearest product-market-fit zones in consumer fintech today, and stablecoins have become the connective tissue between them. Coco Wallet sits at that intersection.
The demand side is well documented in the company's own positioning and in independent coverage. The wallet is built for migrants sending money home, with Venezuela as a flagship corridor [Instagram] [LinkedIn]. Venezuela's experience with hyperinflation and capital controls created early consumer familiarity with crypto as a savings and transfer mechanism, a context the founders know firsthand from running Surbitcoin [Kingscrowd, 2022]. PromptLoop frames Coco Wallet's category as Web3 remittances and crypto payments in Latin America [PromptLoop].
| Metric | Value |
|---|---|
| Reported 2024 revenue | $1.1M |
| Reported headcount | 66 |
| Instagram followers | ~51,000 |
Regulatory and macro forces cut both ways. Stablecoin issuance and on-ramps are subject to tightening rules in the US and the EU, which raises compliance cost but also raises barriers for informal competitors. Latin American central banks have varied positions on dollar-pegged tokens, and policy moves in any single corridor can meaningfully shift unit economics for a wallet operating across them.
Data Accuracy: YELLOW -- Revenue and headcount sourced from GetLatka only; market sizing not cited in source set.
Who Else Is Fighting for This
Coco Wallet competes in a crowded but fragmented field where no single player has yet locked up the Latin American stablecoin remittance corridor end to end.
From a segment-by-segment view, three groups of alternatives matter. The first is incumbent cash-based remittance, where Western Union, MoneyGram, and a long tail of corridor-specific operators still move the majority of dollar volume into Latin America. The second group is the consumer crypto wallet category broadly, which includes global wallets that have added stablecoin send features and Latin America-focused wallets that bundle on-ramp, off-ramp, and savings. The third group is the regional neobank cohort, which is not crypto-native but competes for the same primary banking relationship with migrant and underbanked consumers.
Where Coco Wallet appears most defensible today is the combination of founder-market fit and a focused corridor. The Charles brothers' Surbitcoin background gives them practical experience operating a crypto product in Venezuela's regulatory and macroeconomic environment [Kingscrowd, 2022]. The Ramp Network integration also demonstrates that the team can ship a working compliance-grade on-ramp flow and is willing to partner rather than rebuild commodity infrastructure [Ramp Network].
Where the company is most exposed is capitalization and the breadth question. A seed-stage balance sheet against well-funded global wallets and regional neobanks means corridor expansion has to be disciplined.
Opportunity
If Coco Wallet executes, the prize is becoming the default dollar account for a generation of Latin American consumers and migrants who have never had a reliable one.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Venezuela deepening | Coco becomes the default dollar wallet for Venezuelan consumers and the diaspora sending into Venezuela | Continued macroeconomic dollarization plus a priced follow-on round funding marketing | Founders' Surbitcoin track record and existing Instagram following in the corridor [Kingscrowd, 2022] [Instagram] |
| Multi-corridor expansion | Wallet expands to 3 to 5 additional Latin American corridors with the same stablecoin rail | A partnership with a regional payout network or card issuer | Ramp Network integration shows the team can compose third-party rails rather than rebuild them [Ramp Network] |
| Super-app monetization | Remittance acquisition funnel converts into savings, yield, and payments revenue | Launch of a yield or card product against existing dollar balances | PromptLoop already characterizes the product as a super app spanning remittances, payments, savings and earnings [PromptLoop] |
Data Accuracy: YELLOW -- Scenarios are analyst-constructed from cited primitives; no third-party TAM cited.
Sources
- [Y Combinator] Coco Wallet: Your global dollar account powered by stablecoins | https://www.ycombinator.com/companies/coco-wallet
- [LinkedIn] Coco Wallet (YC S'19) company page | https://www.linkedin.com/company/cocopago
- [Instagram] Coco Wallet (@cocowallets) | https://www.instagram.com/cocowallets/
- [App Store] Coco Wallet - Banca Digital App | https://apps.apple.com/us/app/coco-wallet-banca-digital/id1570325141
- [PromptLoop] What Does Coco Wallet Do? Web3 Remittances and Crypto Payments in Latin America | https://www.promptloop.com/directory/what-does-coco-wallet-do
- [GetLatka, 2024] How Coco Wallet hit $1.1M revenue with a 66 person team in 2024 | https://getlatka.com/companies/cocopago.app/team
- [Ramp Network] How Coco Wallet enables international crypto transfers | https://rampnetwork.com/blog/coco-wallet-success-story
- [Coco Wallet] Coco Wallet: tu cuenta global en dolares para enviar, recibir y ahorrar sin fronteras | https://www.cocowallet.app/
- [Y Combinator] Jobs at Coco Wallet | https://www.ycombinator.com/companies/coco-wallet/jobs
- [Kingscrowd, 2022] Coco Pago on Wefunder 2022 | https://kingscrowd.com/coco-pago-on-wefunder-2022/
- [Crunchbase] Francisco Martin Toro, COO and CMO at Coco Pago | https://www.crunchbase.com/person/francisco-martin-toro
- [ZoomInfo] Victor Charles, CFO and Co-founder at Coco Pago | https://www.zoominfo.com/p/Victor-Charles/2070015929
- [LinkedIn] Francisco Martin Toro profile | https://www.linkedin.com/in/francisco-martin-toro-7a481715b/
Articles about Coco Wallet
- Coco Wallet Is Selling Venezuelan Migrants a Dollar Account That Lives on Stablecoins — The Y Combinator-backed remittance app hit $1.1M in 2024 revenue with 66 staff, betting USDC rails can undercut Western Union on the US-to-Caracas corridor.