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From Near Failure to Fintech Success: The Hapi Story
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A new financial technology platform, Hapi, is rapidly expanding access to U.S. stock market investments for Latino communities across 17 countries. Founded by Dusko Kelez and his partners, the app has surpassed 800,000 users and is on track to exceed $2 billion in processed transactions. Kelez’s journey to success was not without its challenges, marked by early entrepreneurial setbacks and a pivotal shift in focus.
Early Ventures and lessons Learned
After graduating from the University of the Pacific (Lima) with a degree in Economics, kelez initially pursued entrepreneurship with a marketplace called Plaza 21 in 2011. He transitioned from a junior role to directly advising management, a formative experience. “I went from a place where my opinions on finance were the last wheel of the car to being next to the manager giving my suggestions,” Kelez recalls. This early venture was followed by a retail clothing store, Ropa Duke, wich nearly depleted his savings.
This financial hardship prompted a return to the corporate world, where he began exploring the complexities of stock market investments. He later joined Taximo, a Colombian startup, and subsequently became COO of Grin Scooters, overseeing a team of 2,100 people across seven countries. The pandemic significantly impacted Grin, reducing daily scooter operations from 50,000 to under 200. This disruption allowed Kelez to dedicate his focus to a project he had been developing with two partners: Hapi.
Did You Know? The number of retail investors has surged in recent years, particularly among younger demographics, driven by commission-free trading apps and increased financial literacy initiatives. Investopedia provides a comprehensive overview of retail investing trends.
Hapi: Bridging the Gap to Wall Street
Hapi aims to simplify access to the U.S. stock market for Latino investors. Kelez explains that previously, investing in U.S. stocks was a complex process.”Before, entering to invest in the U.S.bag was a complex issue. I had to live it when I wanted to buy Tesla shares in 2011, but with Hapi we did the job so that all that complexity would be left behind.” The app currently offers access to over 12,000 investment assets, including established companies like Apple and Amazon, and also newer firms and 40 cryptocurrencies.
The company was founded in 2020 and secured a broker license in the United States in 2022. Hapi’s growth has been fueled by $7 million in funding, with initial investment from Y Combinator ($125,000) and a subsequent $2.5 million round. Andreessen Horowitz is also a key investor.
| Milestone | Date | Details |
|---|---|---|
| Plaza 21 Launch | 2011 | First entrepreneurial venture - online marketplace. |
| Ropa Duke Launch | 2013 | Retail clothing store, faced meaningful financial challenges. |
| Grin Scooters COO Role | 2018 | Oversaw operations across seven countries. |
| Hapi Founded | 2020 | Initial development of the fintech platform. |
| U.S. Broker license | 2022 | Secured regulatory approval to operate as a broker in the U.S. |
Growth and future Plans
Hapi currently processes between 15,000 and 20,000 transactions daily, with an average investment ticket of $250. over 70% of its users are from Chile, Argentina, Colombia, Mexico, Ecuador, Venezuela, and Peru. The company plans to launch two new products in the coming months: a portfolio mirroring investment strategies of successful investors like Bill Gates and Warren Buffett, and a credit line backed by assets held within the Hapi app.
Pro Tip: Diversification is a key principle of sound investing. Consider spreading your investments across different asset classes and sectors to mitigate risk.The SEC offers resources on diversification strategies.
Kelez emphasizes organic growth, with a planned investment of around $3 million over the next 12 months. While acquisition offers have been received, he remains committed to Hapi’s long-term vision. “I am in love with hapi. There are more than 50 things that I would like to do before thinking about selling or leaving.”
Dusko Kelez’s Investment Philosophy
Kelez’s personal investment journey began with Tesla in 2011, recognizing Elon Musk’s vision and track record. He currently invests in Tesla for the long term, believing in the potential of autonomous vehicles. He stresses the importance of thorough research before investing.”Every day the first thing I do is review my investments. When the day closes, I review them again.”
He advocates for identifying emerging trends, citing the example of Apple’s rise during the shift from Blackberry. What emerging technologies or industries do you believe hold the greatest investment potential?
Hapi: Key Data
- Current Users: 800,000+
- Countries Served: 17
- Average Daily Transactions: 15,000 – 20,000
- Total Funding: $7 million+
- Key investors: Y Combinator, Andreessen Horowitz
The Rise of Fintech and Inclusive Investing
The fintech industry is experiencing rapid growth, driven by technological advancements and a demand for more accessible financial services. Inclusive investing,which aims to broaden participation in financial markets,is gaining momentum as a means of addressing wealth inequality and promoting economic empowerment. Hapi’s success reflects these broader trends, demonstrating the potential of technology to democratize access to investment opportunities. The increasing adoption of mobile technology and the growing financial literacy among younger generations are also contributing factors to this shift.
Frequently Asked Questions About Hapi
- What is Hapi? Hapi is a fintech app that provides access to U.S. stock market investments for users in 17 countries, primarily targeting the Latino community.
- How much does it cost to use Hapi? Hapi offers competitive trading fees and does not require a minimum investment amount.
- Is Hapi safe and secure? Hapi is a licensed broker in the United States and employs robust security measures to protect user data and funds.
- What types of investments are available on Hapi? Hapi offers access to stocks, cryptocurrencies, and exchange-traded funds (ETFs).
- How does Hapi make money? Hapi generates revenue through trading fees and other financial services.
We hope this article has provided valuable insights into Hapi’s journey and the evolving landscape of fintech. We’d love to hear your thoughts! Please share this article with your network, leave a comment below, or subscribe to our newsletter for more breaking news and in-depth analysis.
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