Hapi, founded by Peruvians Dusko Kelez, Piero Sifuentes, and Billy Caballero in 2020, developed a mobile app for investors to access the US stock market. The startup joined Y Combinator in 2021 and has raised $4.3 million in total funding.
Users can buy fractional shares starting at $5 or cryptocurrencies from $1 without broker commissions. Hapi generates revenue through premium memberships, asset utilization, and exchange fees. The platform offers free educational resources and courses from Latin American financial content creators.
Kelez, Hapi’s CEO, explained the benefits of investing in the US market: “The US stock exchange is the largest and most liquid globally, offering more investment options, access to the latest technology, and liquidity for easy buying and selling. Leading tech companies list there, and the dollar’s strength provides protection against potential local currency devaluation.”
For 2024, Hapi plans to launch Hapi Prime, a premium subscription with advanced tools for experienced investors, and DRIP, a dividend reinvestment program. The company aims to maintain its competitive edge by focusing on customer needs and product innovation.
Hapi operates under FINRA and SEC regulations, with a US broker-dealer license. Kelez emphasized their commitment to regulatory compliance: “We’re proud of our strict procedures and regulatory compliance, giving our clients peace of mind. Their money and shares are safe, insured by SIPC up to $500,000.”
The startup measures the success of its educational initiatives through client investment performance relative to risk. Kelez stated, “If our clients do well with their investments, we’ll do well over time.”
Addressing risk management for inexperienced investors, Kelez clarified: “Hapi is a broker offering self-directed products. Users decide where to invest among 12,000+ available assets. Diversification is key to mitigate risk, and Hapi allows clients to buy fractional shares from $5, enabling diversification even with small amounts.”
Hapi’s educational content focuses on objective information about financial products without offering investment recommendations. The company aims to provide users with the necessary information to understand investment cycles and prepare for market fluctuations.
Regarding customer support, Kelez said, “Our goal is that they never need to contact support. The best support is the one that was never necessary. We constantly work with that goal in mind.”
Hapi maintains a positive cash flow and has the financial backing of Y Combinator. While currently focused on investment products, the company remains open to strategic partnerships that address customer needs.
Kelez highlighted Hapi’s talent acquisition strategy: “The key for us is having team members who share our passion for finance, investments, and want to make a positive impact on society.” The company prioritizes hiring programmers and maintains a solid team without current open positions.
On potential macroeconomic challenges, Kelez emphasized the importance of educating investors about market cycles and preparing them for various scenarios. He stated, “Knowing these cycles exist allows you to prepare and plan when it hasn’t happened yet, then you just follow your plan according to the strategy outlined.”
As Hapi continues to grow, Kelez remains committed to their mission: “We’re very happy with the reception of our product to date. Today we have more than 500,000 customers throughout Latin America, almost double that of a year ago. However, we believe we are still far from fully fulfilling our mission. We will continue working until everyone in Latin America knows they can be the owner of their financial destiny with tools like Hapi.”
