Like many of the 54 million Hispanics in the U.S., Edrizio De La Cruz is an immigrant who sends money each month to his aunt in Latin America in order to help her with basic necessities.
In 1992, De La Cruz immigrated to New York from the Dominican Republic, and quickly after started sending money back to his aunt and grandmother. “Every time we sent money, she would have to get on a bus, go to the agency, wait in line, get cash, then go pay their utility bills, get on another bus, then go back home. You leave part of your family behind for better opportunities here. And part of that promise is that you are going to come here, get a better job, and give back. You do that through remittances. However, as the sender, you cannot guarantee that the money will go towards what you intended. And when you are the receiver and live in precarious circumstances (the same ones that may have pushed your family members to move abroad), receiving cash can be a risk—and that’s before even considering the costs involved”.
In 2012, after graduating with his MBA from The Wharton School at The University of Pennsylvania, De La Cruz co-founded Regalii, alongside Iñigo Rumayor, Ramon De La Cruz and Juan Maldonado. The company launched at Y-Combinator and Techcrunch Disrupt in 2013, where it had a successful pilot in the Dominican Republic.