AstroPay, a bootstrapped company founded in 2009, is making a bold move to expand beyond its Latin American roots and become a global consumer fintech product. The company, which has remained under the radar despite its profitability and 320-employee workforce, is launching a multi-currency wallet paired with a payment card, enabling users to pay, send, and receive money from their phones.

The new AstroPay app and website bear a striking resemblance to Wise, the London-based fintech company that offers multi-currency accounts and currency exchange services. However, AstroPay CEO Marc Sacal believes there is still room for improvement in the cross-border payment space. According to Sacal, the majority of cross-border payments take at least 24 hours to arrive, and customers often need to interact with bank support agents to send money abroad, making the process expensive and cumbersome.

Sacal envisions AstroPay as a "global digital bank" that enables individuals and businesses to save, send, and spend money globally. The company's product is designed to address the limitations of traditional banking systems, which often struggle to facilitate seamless international transactions.

AstroPay's merchant network, established through its existing payments solutions business, sets it apart from competitors like Wise. Merchants who accept AstroPay can allow customers to pay directly on their websites or apps, generating revenue for AstroPay through fees. This revenue will be used to subsidize the multi-currency wallet product, providing customers with competitive exchange rates.

The company's strategy is particularly well-suited for Latin American markets, where it has an established merchant network and supports popular local payment methods like Pix in Brazil. AstroPay currently operates in around 25 countries, with plans to expand to Europe, where Latin American workers are increasingly moving to find new job opportunities.

To support its European expansion, AstroPay recently secured an Electronic Money Institution (EMI) license in Denmark and will soon begin accepting customers in Spain and Portugal. By the end of 2025, the company aims to accept customers in Germany, France, Italy, and Poland. AstroPay's global team, spread across countries like Argentina, Brazil, Colombia, Peru, Uruguay, the UK, Denmark, Spain, and India, will play a crucial role in driving this expansion.

As AstroPay embarks on its ambitious journey to become a global fintech player, its success will depend on its ability to navigate complex regulatory environments, build a robust infrastructure, and provide a seamless user experience. If successful, AstroPay could disrupt the traditional banking industry and emerge as a leader in the global consumer fintech market.