Company Overview
Founded: 2025
Y Combinator Batch: Winter 2026
Team Size: 2
Status: Active
Total Funding: $450,000
CEO: Zsika Phillip
CTO: Thomas Césaré-Herriau
SpotPay is a two-person neobank startup building cross-border payment infrastructure on stablecoins. The company is registered as a Money Services Business in the United States and targets users in Latin America and the Caribbean who need to receive money from abroad and spend it locally. SpotPay went through Y Combinator's Winter 2026 batch.
What SpotPay Does
SpotPay provides a single account that handles everything payments-related for international users:
1. Receive Money from Abroad
Users can receive international transfers using stablecoin rails. Instead of waiting 3-5 days for SWIFT transfers, money arrives in seconds or minutes.
2. Pay Locally
The SpotPay account connects to local payment networks, allowing users to pay bills and send money to others in their country.
3. Spend Anywhere with the SpotPay Card
Users get a debit card that works globally. The card automatically converts stablecoins to local currency at the point of sale with zero foreign exchange markups.
4. Save and Earn
Balances in SpotPay accounts earn interest. Since stablecoins can be deployed in DeFi protocols, SpotPay can offer higher yields than traditional savings accounts.
Traditional cross-border payments move through correspondent banking networks. A payment from the US to Brazil might pass through 3-4 intermediary banks, each taking fees and adding delays.
Stablecoins like USDC and USDT are digital dollars that move on blockchain networks. A transfer from New York to São Paulo can settle in seconds for a fraction of a cent in network fees. SpotPay handles the conversion between stablecoins and local currencies, giving users the benefits of blockchain settlement without needing to understand the technology.
The Problems SpotPay Solves
According to Research and Markets data, the cross-border payments market is worth $65 billion annually just for personal remittances to Latin America and the Caribbean. Users face several problems:
High Fees: Traditional services charge 5-10% in total costs when combining transfer fees, exchange rate markups, and intermediary bank charges.
Long Wait Times: SWIFT transfers take 1-5 business days. Many people in Latin America need money quickly for emergencies or time-sensitive payments.
Exchange Rate Uncertainty: When sending money on Monday that arrives Friday, the exchange rate can change significantly. Users don't know exactly how much the recipient will get.
Limited Banking Access: Many people in Latin America and the Caribbean lack traditional bank accounts, making it hard to receive international transfers.
SpotPay addresses these issues by using stablecoin settlement (faster, cheaper), offering real-time exchange rates, and providing accounts to users who may not qualify for traditional banking.
SpotPay's Main Competitors
1. Karsa
Overview: Karsa is a Y Combinator-backed stablecoin neobank for emerging markets. Users can buy dollar-denominated stablecoins, save in US bank accounts, and spend anywhere with a Visa card.
Similar to SpotPay: Both are stablecoin neobanks targeting emerging markets with accounts that handle buying stablecoins, saving, and global spending with debit cards. Karsa also uses peer-to-peer networks to bypass banking restrictions in countries with capital controls.
Key Difference: Karsa focuses on South Asia, Africa, Southeast Asia, and the Middle East, while SpotPay targets Latin America and the Caribbean. Karsa uses a P2P network model where users buy from verified stablecoin traders, while SpotPay's infrastructure isn't publicly detailed.
2. Plasma One
Overview: Plasma One is a global stablecoin neobank for saving, spending, sending, and earning. The platform offers virtual and physical cards with cashback rewards and yields up to 10%+ on stablecoin balances.
Similar to SpotPay: Both provide stablecoin accounts with debit cards for global spending and interest on balances. Plasma One users can spend directly from earning stablecoin balances, similar to SpotPay's combined account approach.
Key Difference: Plasma One emphasizes high yields (10%+) through DeFi opportunities and offers 4% cash back on card purchases, while SpotPay focuses on cross-border payment efficiency for Latin America. Plasma One operates globally, while SpotPay specializes in LATAM/Caribbean corridors.
3. Yellow Card
Overview: Yellow Card is Africa's largest regulated stablecoin platform, processing over 60% of the continent's stablecoin volume. The company provides cross-border payment infrastructure with enterprise-grade security.
Similar to SpotPay: Both use stablecoins for cross-border payments in emerging markets and provide regulated infrastructure for users to receive international transfers. Yellow Card also offers accounts for sending and receiving money globally.
Key Difference: Yellow Card operates exclusively in Africa with 16+ country licenses, while SpotPay targets Latin America and the Caribbean. Yellow Card is more established with higher transaction volumes, while SpotPay is an early-stage YC startup.
4. Kast
Overview: Kast is a Latin America-focused stablecoin neobank that positions stablecoins as premium financial products for upwardly mobile consumers seeking global banking alternatives.
Similar to SpotPay: Both are neobanks using stablecoins for cross-border payments in Latin America. Kast targets similar markets and user profiles - people who need dollar access and international payment capabilities.
Key Difference: Kast markets itself as a premium product for affluent consumers, while SpotPay appears to target broader remittance and cross-border payment use cases. Both are relatively new players in the LATAM stablecoin neobank space.
5. Avenia
Overview: Avenia provides programmable financial infrastructure for Latin America, connecting local payment rails like PIX, SPEI, and CBU using stablecoins as settlement layer for cross-border payments.
Similar to SpotPay: Both use stablecoins to enable fast cross-border payments in Latin America without traditional banks or SWIFT. Avenia supports similar currency corridors (BRL, USD, MXN) that SpotPay likely targets.
Key Difference: Avenia is a B2B infrastructure provider (APIs for businesses building wallets, cards, or treasury solutions), while SpotPay is a B2C neobank directly serving consumers. Avenia powers other companies' products, while SpotPay provides the end-user account.
Comparison Table: SpotPay vs Competitors
Feature | SpotPay | Karsa | Plasma One | Yellow Card | Kast | Avenia |
|---|---|---|---|---|---|---|
Type | Stablecoin neobank | Stablecoin neobank | Stablecoin neobank | Stablecoin platform | Stablecoin neobank | B2B infrastructure |
Target Market | LATAM/Caribbean | Emerging markets (Asia/Africa/MENA) | Global | Africa | LATAM | LATAM (B2B) |
Account Type | B2C consumer | B2C consumer | B2C consumer | B2C consumer | B2C consumer | B2B API platform |
Card Offering | Yes (debit card) | Yes (Visa) | Yes (virtual + physical) | Not disclosed | Yes | Powers others' cards |
Interest/Yield | Yes (on balance) | Yes (4-5% APY) | Yes (10%+ yield) | Not disclosed | Not disclosed | N/A (B2B) |
P2P Network | Not disclosed | Yes (verified traders) | No | No | No | No |
Market Position | Early-stage YC startup | Early-stage YC startup | Established platform | Market leader (Africa) | Growing LATAM player | Infrastructure provider |
Best For | LATAM cross-border payments | Emerging market savers | Global yield seekers | African remittances | LATAM premium banking | Businesses building fintech |
SpotPay is one of several new stablecoin neobanks targeting emerging markets in 2025-2026. All five competitors (Karsa, Plasma One, Yellow Card, Kast, Avenia) use stablecoin infrastructure for fast, low-cost cross-border payments, but they focus on different regions and customer segments.
For users in Latin America and the Caribbean who need to receive international payments and spend globally, SpotPay competes directly with Kast (another LATAM-focused stablecoin neobank). Yellow Card dominates the African market, Karsa targets Asia/Africa/MENA, and Plasma One serves global customers seeking high yields. Avenia is different - it's B2B infrastructure that powers other companies' fintech products rather than serving consumers directly.
FAQ
What is SpotPay?
SpotPay is a Y Combinator Winter 2026 borderless neobank that uses stablecoin technology for cross-border payments. The company provides one account for receiving international money, paying locally, spending globally with a debit card, and earning interest on balances. SpotPay targets users in Latin America and the Caribbean who need fast, low-cost international transfers. The company has raised $450,000 in funding.
Who founded SpotPay?
SpotPay was founded by Zsika Phillip (CEO) and Thomas Césaré-Herriau (CTO). Both founders have experience building payment infrastructure at tech companies.
Zsika was previously a Lead Engineer and Product Manager at Google and grew up in the Caribbean experiencing cross-border payment difficulties firsthand. Thomas was an engineer at Google and employee #4 at Brex.
How is SpotPay different from Karsa or Kast?
Karsa and Kast are also stablecoin neobanks, but they target different markets. Karsa focuses on South Asia, Africa, Southeast Asia, and the Middle East using a peer-to-peer trader network, while SpotPay targets Latin America and the Caribbean. Kast also operates in LATAM but positions itself as a premium product for affluent consumers, while SpotPay appears to target broader remittance use cases. All three are early-stage YC-backed companies building similar infrastructure for different regions.
