Sequoia, Founders Fund Back $70 Million Raise for Latam’s ARQ

Venture capital firms Sequoia Capital and Founders Fund are investing in Latin American financial app ARQ via a $70 million raise, ARQ said.

The money will be used to support a rebrand and fund new hires as ARQ, formerly known as DolarApp, looks to expand its services beyond dollar-denominated transfers, Chief Executive Officer Fernando Terrés said in an interview.