Local Bank License Unlocks Stablecoin Rails
Fernando Sandoval, co-founder of Kapital, on stablecoins for cross-border payments
Owning the local banking permit turns stablecoins from a clever workaround into a trusted operating rail for SMBs. In Kapital’s model, the license matters because customers are not just buying cheap FX, they are leaving business cash, taking supplier financing, and routing cross border payments through the same institution. That lets Kapital bundle deposits, lending, cards, and treasury in one workflow, instead of stitching together partner banks, wallets, and payment vendors.
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Kapital acquired a Mexican bank license through Banco Autofin, then used that regulated base to expand beyond a card or wallet into deposits, working capital, and treasury. By 2024, deposits reached $569M, TPV hit $8.4B, and Flex became the core product tying financing to supplier payments.
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The practical difference versus many fintechs is control. A licensed bank can onboard the customer, hold funds, underwrite credit, and move money under its own regulated umbrella. A sponsor bank model can still work, but it adds another institution between product design and execution, which slows launches and can narrow what the fintech can offer directly.
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This also explains the Brex, Ramp, and Airwallex comparison. Brex and Ramp built strong software around spend and finance workflows, while Airwallex built a licensed cross border payments network across markets. Kapital is combining those playbooks for LatAm SMBs, with the bank license giving it more room to attach lending and local trust to stablecoin powered payments.
The next step is a more regulated version of crypto enabled business banking. As stablecoin rules tighten, the winners are likely to be the firms that already look like local financial institutions, because they can turn stablecoins into just another invisible rail inside a broader banking and software product.