Spanish fintech company expects to channel more than 30 million euros in remittances to Venezuela in 2026

The Spanish fintech company Íkualo, which provides financial services to the migrant population in Europe, recently announced the launch of its money transfer services between Europe and Venezuela.

The company aims to channel more than 30 million euros from Europe to Venezuela in remittances by 2026, offering services that allow users to open accounts using only their passport.

According to data from Spain’s National Institute of Statistics (INE), the country’s Venezuelan population numbers around 400,000 people, many of them regularly sending money to their families back home.

However, limitations in the local financial system, international restrictions, and the lack of regulated digital channels have for years favored the use of informal channels, which come with high costs and operational risks.

Through its services, the fintech company Íkualo seeks to offer a digital, traceable, and regulated alternative that allows these flows to be channeled more efficiently and securely, streamlining the process, reducing costs, and eliminating barriers in a service that is essential for millions of Venezuelan households.

According to the company, in some cases, remittances to Venezuela can be made commission-free; this depends on the amount being transferred—that is, for amounts of 50 euros or more, transfers can be made at no cost to the user.

Currently, Venezuela largely functions as a parallel digital economy. Stablecoins such as USDT have become one of the standard methods for sending money. Wallets, exchanges, and P2P networks are used to move money quickly.

Although the problem is not the existence of the technology—since it already exists and is being implemented in various ways across multiple sectors and industries—the issue lies specifically in fragmentation, lack of trust, and informality.

Today, many migrants have to go through several intermediaries, take on risks, and pay more than necessary to send money home, so taking advantage of different digital solutions can simplify the entire process, making it a clear, secure, and straightforward experience.

“Venezuela isn’t just another market; it’s probably one of the countries where remittances are most critical for daily survival,” Harold Correa, founder and CEO of Íkualo, told Contxto. “There are millions of Venezuelans living abroad, and a very significant portion of households depend on the money families receive from abroad,” added Correa.

The company allows users to open a bank account with just a passport, enabling immediate digital payments and access to financial tools tailored to the needs of communities with limited access to traditional banking, all in compliance with European regulatory standards.

“We didn’t enter the market for the sake of opportunity; we entered to address a real need. Íkualo was created precisely to solve this: to provide financial access to people whom the traditional system has left out,” concluded Correa.

The arrival of this type of solution in countries like Cuba or Venezuela marks a beginning that can contribute to these countries’ progress by scaling the digital remittance business and using technology to improve the quality of life for their residents.

These types of solutions undoubtedly contribute to Venezuela’s growth and development, while also serving as a small indication that companies from other parts of the world are setting their sights on the country, demonstrating its potential and how its economy is key to driving the Latin American region forward.