The 'fintech' Shasta launches an 'app' for international transfers and will double its workforce

The Barcelona-based fintech Shasta Technologies has created a mobile application for immediate international transfers. ShastaApp is designed for those people who need to send money from Spain and Europe to their relatives, who live in the countries they come from. The company will begin operating in Venezuela and Mexico, where it has already reached agreements with local partners. The beauty of Shasta's proposal lies in the fact that transfers can be made in euros or dollars, avoiding the devaluation of the destination countries' currencies and high commissions for doing so.

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The CEO and co-founder of Shasta Technologies, Àlex Sicart, explains that they are analyzing extending this service to other Latin American markets such as Argentina and Brazil, in addition to also wanting to bring it to African countries. Sicart emphasizes that they have detected the need for many people to transact with a "reliable solution" like theirs, which allows them to transfer money with the value of the original currency and manage their finances abroad: "They have arrived in Spain or France and have a decent salary, earning more than in their country of origin, and want to be able to send it to their relatives," he illustrates.

The startup has entered the retail customer market with ShastaApp, after offering its payment services architecture to fintech companies, digital marketplaces, and e-wallet services since its inception in 2019. Based in Barcelona, the company plans to double its workforce and reach 100 professionals by the end of the year.

Sicart explains that they are currently seeking investment, considering that he, along with Leonardo Montbrun and Daniel Paloma, launched the company with their own —and small— capital contribution. With payment services for other companies, they have been invoicing and reinvesting their income in Shasta. "We have reached a phase where we are growing and there is incredible demand. And we need to have the best professionals," he explains. Specifically, in 2019 they invoiced half a million euros and this year they expect to reach one million.