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Isaac Torres knows InterCambio Express made it to the big leagues because competitors are paying millions of dollars to try keeping his business out of California. Thirty-three percent of money transfers that go from the United States to Mexico originate in California, according to the Wilson Center. So, it made sense for InterCambio, the money transfer service created by and for Latinos, to extend its services to the Golden State.
There was just one problem: its model is too effective.
Torres began working to cultivate the supermarket chain relationships, which helped InterCambio transfer more than $7 billion in 2023 alone. Then the presentations and successful pitches suddenly ran cold. A well-known competitor in the money transfer world had forked over millions of dollars to keep InterCambio out of that particular grocery chain.
InterCambio’s president was undeterred. It was a wise business move, Torres says, but it hasn’t stopped California from becoming InterCambio’s second most profitable state in the forty-eight in which they currently operate.
“It’s nice to know that we’re making some people nervous,” says Torres, who last spoke with Hispanic Executive in 2016. “They’ve lost to our business model, so I guess it makes sense that they’re spending money to try and keep us out.”
Since 2016, InterCambio Express has continued a double-digit upturn over a decade, a feat that’s landed them on Inc. 5000, a prestigious list of fastest-growing private companies. There have been multiple other awards and designations—good signposts but not a finish line for Torres by any stretch of the imagination.
Innovation continues at a frantic yet strategic pace. As more consumers move to the digital space, InterCambio has completely reengineered its digital app, with the new iteration currently available for Android devices with IOS on the way.
“We’re aiming to transform fintech as we move to conducting more digital money transfers for our customers,” Torres says. “We realized in designing our new app that we should be making transactions as easy as possible. If we couldn’t do it in a few taps, we were doing it wrong, and I think the new app reflects that experience.”
Along with user experience enhancements, InterCambio Express is also improving the exchange rates to be more competitive, which is a win for its customers that are sending money back home via cash or making a direct deposit to an account. Additionally, the company is willing to take a stand when it comes to the banks that handle their deposits. Torres says InterCambio will promote the banks whose rates will be most economically beneficial to the consumer.
“There are many reasons why one particular transaction may be cheaper than another,” Torres says. “Think of when you go to get gas and you drive by a couple of gas stations and they are all equally priced, but one of those gas stations spent a lot less on acquiring the gas. Why not pass on the savings to you instead of matching the price of the other stations? Well, we are going to do the opposite for our customers, we want to pass on the savings.
“This does not just happen at gas stations, this happens in our industry as well,” he says. “Many other providers give you the exact exchange rates as the banks they work with; we work to find the best exchange rates to maximize the savings of the consumer. We are going to promote banks with the best exchange rates for that transaction for the sender, for the receiver, and for the overall experience.”
Torres says users will not find the same experience as its competitors, and it’s a point of pride for his organization. And there are more reasons to be proud.
InterCambio Express is headquartered in Indiana where Torres lives, and he is doing his best to give voice to the Latinos of his state. Unlike states like Illinois or California, Torres says Latino residents of Indiana are largely newcomers, maybe only a generation or two old. Latinos account for only 6 percent of the state’s population at present, with that number poised to grow.
Advice for Young, Entrepreneurial Latinos
By Isaac Torres
Échale muchas ganas! Never give up!
Remember, every setback is an opportunity for growth and learning. Stay adaptable and embrace the journey, knowing that overcoming obstacles builds character and strengthens your entrepreneurial spirit. Seek guidance from experienced entrepreneurs.
Surround yourself with mentors and a team who can help you navigate challenges. Attend events in your industry and network, use platforms like LinkedIn, and prioritize understanding customer needs. Approach others with humility, resilience, and a thirst for knowledge.
Persevere and prioritize customer satisfaction to earn respect from competitors.
Torres and other Latino business owners are working to create a Latino circle of philanthropy to brainstorm ways to provide scholarships for Latino students attending Indiana University and other potential partner educational institutions.
“We believe that education is a factor of change, and we want to promote college education for Latinos,” Torres says. “We know that pooling our money is going to go much further than the isolated money I provide for scholarships on my own. We want to create a statewide effort, and I’m very excited about it. Other cities and states have longstanding programs for Latinos, but here in Indiana, we’re just in the beginning stages of creating a movement.”
Torres hasn’t just built a multibillion-dollar business. He’s done it while serving the people who have helped make him the creator, the entrepreneur, and the successful business builder he is. Torres wants to create more Latino success stories, more Latino entrepreneurs, and to promote the idea that Latinos can be more than just participants in the labor sector—they can create the job opportunities for others.
Thank you, Isaac. 1st Source Bank appreciates your leadership on our Board of Directors, and your commitment to our communities. Your guidance has allowed us to serve our clients better and make our communities a better place to live, work, build businesses, raise families, and worship.
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Community Foundation of Elkhart County partners with donors to leverage their philanthropy in ways that transform lives. Since 1989, the Community Foundation has helped generous donors to meet community needs, provide scholarship opportunities to local students, and make grants to nonprofit organizations working to improve life in Elkhart County, located northcentral Indiana. The Community Foundation has assets of more than $400 million and ranks among the top 100 foundations in the United States on several measures. Like Isaac Torres, a leader in our community and member of our board, the Community Foundation works to inspire good and impact success.
UniTeller Financial Services:
“I would like to express my heartfelt gratitude to Isaac Torres and the whole InterCambio Express team for their unwavering support and dedication as a valued business partner of UniTeller. Their exemplary business insight and collaborative mindset have been pivotal in our shared success. It’s an honor to partner with such a forward-thinking organization.” —Alberto Guerra, CEO
For more information on UniTeller Financial Services, visit uniteller.com
KeyBank’s roots trace back nearly two hundred years to Albany, New York. Today, KeyCorp is headquartered in Cleveland, Ohio, and we’re one of the nation’s largest bank-based financial services companies. Key provides deposit, lending, cash management, and investment services to individuals and businesses in fifteen states through a network of approximately one thousand branches and over forty thousand KeyBank and Allpoint ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, and syndications and derivatives, to middle market companies in selected industries throughout the United States.
