On this page
Following the Covid-19 pandemic, US companies have begun expanding their hiring horizons - not just looking for remote employees in the US, but increasingly south of the border. The willingness of US companies to hire internationally has continued to boom and has created opportunities for freelancers and full time remote contractors in Mexico.
Many small and medium-sized enterprises (SMEs) have increasingly recognized the necessity of digital services, including online sales, digital marketing, and internet-based payment processing (Forbes.Mx).
However, The market for skilled Mexican freelancers is growing internationally.
Connecting Borders
Mexico's freelance community, nearly 14 million strong, has seen a surge in demand for its members to work remotely for international companies. However, this trend of working across borders presents several challenges.
When a freelancer earns in US dollars (USD), lives in Mexico and has the desire to spend in Mexican (MXN) pesos a plethora of intricacies can arise.
Enter Coba, a platform that makes living in Pesos & Dollars more seamless than ever before, Coba offers:
- Earn USD in a US bank account
- Easily spend those USD in Mexico with a Mexican debit card (converted to pesos)
This makes life easier for Mexican freelancers!
"At Coba, our vision was this: could we create a cross-border banking platform that unifies financial services specifically designed for people living and working across borders? The idea stemmed from the growing reality of cross-border lives and economies – something we see across Mexico, especially in the nearshoring powerhouse of Nuevo Leon. We wanted to build a financial services platform that seamlessly aligns with this new reality." - Joseph Saliba (Co-Founder and CEO Coba)
Founders
Coba’s Inception
Joseph Saliba, Coba's co-founder, has a background that bridges the world of finance between the US and Mexico. This experience fueled his desire to create Coba. He witnessed the rise of fintech and the need for a platform that ensures compliance between the US and Mexico banking systems. Most importantly, he identified a gap in the market: Mexican freelancers faced difficulties in managing their finances because of the complexities associated with cross-border transactions.
The Challenge: Managing Cross-Border Income
For Mexican freelancers working with US clients, traditional banking solutions pose a significant hurdle. These solutions are often complex and expensive, especially when dealing with different currencies. Many freelancers lack US bank accounts, making it difficult to deposit and manage their USD earnings.
Coba's Solution: A Cross-Border Banking Platform
Coba tackles these challenges by offering a user-friendly digital platform. “I'm incredibly excited about what we've built at Coba. It all starts with solving a key problem: Mexican residents working remotely want US accounts.
Through our partnership with Bangor Savings Bank we can open US deposit accounts for them (freelancers)”, Joseph explained to VC Mexico, “They (User) can deposit USD directly, from US employers or clients, or even via international wire transfer. It (the account) acts just like a US platform - they get a debit card to spend USD directly, perfect for business trips or personal needs. Additionally, they can integrate the account with other fintech tools through Plaid.”
What are Coba's key features?
