OKY, a startup revolutionizing the remittance sector, is standing out for its mission-driven approach aimed at underserved communities in the $170 billion U.S. remittance economy.
Founded five years ago by Victor Unda and Santiago Rossi, the company has developed a financial platform that allows users to send specific items instead of general cash to their family and friends abroad.
Instead of simply transferring money and risking misallocation, OKY enables users to send supermarket vouchers, school supplies, or essential medicine from trusted retailers.
“We wanted to give people more control,” Unda shared with Refresh Miami. “From day one, we were obsessed with making it sustainable. No hype, no burn. Just real growth.”
The company’s growth strategy appears effective, with the co-founders indicating OKY is on track to triple its revenue this year. Remarkably, they are also cash flow positive and earnings before interest, taxes, depreciation, and amortization (EBITDA) positive.
Rossi highlighted the emotional aspect of the service, stating, “Our users support their families, often across borders. Sending a gift that embodies care and fulfills a genuine need fosters a deeper connection than mere money transfers.”
OKY operates through three main channels: a mobile app that accepts cash, cards, or PayPal; an in-person network of corner stores that offer vouchers; and a B2B tool that enables brands to reward employees or customers with OKY credits.
All three channels are experiencing growth, with a surprising development where companies began using the platform as a training tool. Employees engage with digital commerce by utilizing actual credits redeemable through OKY.
Brands appreciate the platform for not cannibalizing their local sales. Unda explained that customers who engage with OKY form an expanded user base, which facilitates incremental revenue and enhances brand loyalty.
Geographically, the demand for OKY’s services is growing, expanding from strong remittance corridors like Mexico, Guatemala, El Salvador, and Honduras to new areas such as Ecuador and the Dominican Republic, where there’s a desire for access among both migrant communities abroad and businesses at home.
Spain, with its rising South American diaspora, has also shown interest in OKY’s offerings. Rossi shared, “We’ve been receiving messages from people in Spain asking when we’ll launch more products for Ecuador. Brands in Ecuador are eager to reach these same consumers, and we’re positioned to meet that demand from both sides of the marketplace.”
Currently, OKY operates with a team of under 30 employees, including three based in South Florida. According to Unda and Rossi, Miami has played a crucial role in the company’s development, serving as a gateway to Latin America and facilitating connections to partners, brands, and the diaspora it serves.
They have participated in programs like Endeavor and Plug and Play, which have further enhanced their capacity for international partnerships.
Rossi said, “The fact that we’re in Miami has been a huge advantage. Many brand executives we work with frequently pass through the city, allowing us to forge substantial relationships without needing a large operational footprint.”
Looking ahead, Unda remains optimistic about the future, stating, “We’re not done. We’re barely getting started.”
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