Marcelino Bellosta, Chairman de MiDI.
One of the main barriers faced by Latin Americans working for companies in the United States is receiving their salary in dollars, which, in addition to being a costly process, is also often slow and complicated. It was this problem that fintech MiDI sought to tackle in its proposal: cross-border payments at the click of a button, with no hidden fees.
“We realized something absurd: having talent in Latam ended up being more complex and costly than US companies anticipated (…) and at the same time, collaborators received less money than expected due to hidden expenses,” Marcelino Bellosta, Chairman of MiDI, told Contxto.
The startup’s story began in 2021, when its team hired remote staff in different Latin American countries. Payments were processed one at a time, banks withheld percentages for international transfers, and currency conversions reduced contractors’ actual income. “This was not only inefficient, but it ended up affecting the most valuable thing a company has: its people,” said Bellosta.
The problem is widespread: A study by Arc.dev shows that 64% of Latin American developers who work remotely do so for U.S.-based companies.
MiDI’s platform, which allows U.S. companies to pay their contractors throughout the region with a single click and without monthly commissions, seeks to prevent companies from spending resources on salary management. “We wanted companies to be able to focus on growing and people to be able to work with peace of mind, knowing that getting paid in dollars would be simple, fast and without surprises,” explained Bellosta.
The challenge of opening accounts in the United States
MiDI offers the possibility of opening a bank account in the United States to people from almost any country in the region with a VISA card that allows them to operate directly in dollars. “A single company can use a single provider, MiDI, to pay all its contractors in dollars no matter which Latin American country they are in,” summarized Bellosta.
That operational ease, says the founder, is what has driven its growth. In a sector where companies such as Deel, Remote, or Papaya Global are already operating strongly, MiDI is committed to differentiating itself with simplicity, speed, and zero monthly costs for both companies and collaborators.
To ensure stability and compliance, MiDI based its financial infrastructure on the United States regulatory system, in alliance with Banco San Juan International (Puerto Rico) and other banking partners. “We can offer an equal experience for all Latin American talent, without relying on local banks or suffering from exchange rate differences or hidden fees,” he said.
The approach, Bellosta added, is to remain “light, global and 100% transparent,” a formula that has allowed MiDI to scale without friction.
Changing the mindset of companies and gaining the trust of talent
One of the biggest challenges, says the CEO, has been to debunk a persistent myth: that paying remote workers in dollars is costly and complex. “For years the market assumed that international transfer costs were unavoidable. Today CFOs are surprised when they discover they can pay 50 or 100 contractors with a single click, with no fees and more benefits for the collaborators.”
On the user side, the task was to build credibility: “We had to prove that their account is real, secure, and belongs to them. Our users receive dollars, and they keep their accounts in dollars, using their Midi card to spend or save in this currency, not cryptos or stablecoins.”
For now, the fintech’s next step is to offer services such as personal loans, cashback on cards, utility payments, insurance and investments. “We want to be the account that centralizes the financial life of remote workers, giving them the same opportunities they would have if they worked in the United States,” Bellosta concluded.
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