According to the Pew Hispanic Center Tabulations of 2010, American Community Survey, there are more than 19 million Hispanic immigrants in the US; they spend more than $41 billion every year for their families in Latin America, with 20% of that total used to pay utility bills. These statistics show the clear need for a product like Regalii. Here’s what you should know about some of its features:
All of your family bills are in one place: According to their site, “You can link recurring bills such as utility bills, tuition, credit cards, insurance, and loans. You can see live bill balances and due dates.“It’s secure: “Our app is armed with the same 128-bit encryption and physical security standards as your bank,” according to their site. They also monitor activity with experts such as PayPal and Better Business.Avoid late fees: Regalii sends users SMS reminders about balance and due dates. With users’ permission, Regalii will automatically pay the bills for you.
Regalii works with companies such as Gas Natural Mexico, Aster, and Dish. Not only is it easy to use, but it makes supporting one’s family comfortable and convenient.
More about Rumayor and Regalii
While the company is currently only working with families in the Dominican Republic and Mexico, the Regalii team plans to be in all of Latin America by the end of the year. Regalii is seeing a number of successes now, but it wasn’t always easy. Rumayor left the University of Pennsylvania after his sophomore year to work on the company with the cofounder and CEO, Edrizio De La Cruz. Other team members include Juan Maldonado, cofounder and COO; and Ramon De La Cruz, the head of D.R. operations. The team bootstrapped for almost a year before they were accepted into Y Combinator. The company is now backed by Andreessen Horowitz, Winklevoss Capital, and Maverick, among other institutions and investors. Rumayor says he’s seen other entrepreneurs have an idea who don’t have the ability to turn it into a business. His advice for young entrepreneurs is simple: just get started and don’t be afraid to make mistakes.
