LATAM FinTech Bitso raises $250mn, achieves unicorn status
By Pavithra R
Bitso, offering a transparent way to access and use crypto in Latin America, has announced securing a $ 250 mn in Series C funding round led by Tiger Global and Coatue.
The investment round saw participation from new Paradigm, BOND & Valor Capital Group along with existing investors QED, Pantera Capital and Kaszek, who are betting on Bitso’s growth again after their participation in Bitso’s $ 62 mn Series B financing round in December 2020.
The new finance brings the company to a total valuation of $ 2.2 bn, making it one of the largest FinTechs and the first billion-dollar crypto company in the region. The firm is planning to use the fund to increase access to cryptography in the region, with a particular focus on building open-source financial services run on decentralized blockchains.
“We are excited about Bitso because it is the first fully scaled compliance solution that allows consumers across Latin America to access cryptoeconomics. We believe that access to this financial product has the potential to change the game in Latin America and we hope to support the team Bitso’s mission to expand access to cryptography for all, “said Michael Gilroy, general partner at Coatue.
Bitso achieved success by offering products with a global vision that meet the needs of local customers in Mexico, Argentina and now in Brazil. Demand for crypto-assets and crypto-enabled financial products has skyrocketed in popularity for both individuals and businesses in the region, with Bitso leading the way as the most secure, transparent and unique platform in compliance with regulations in the region. The firm claims it to be the only player in the region to offer crypto-insurance for its clients’ funds.
“The growth of the cryptographic ecosystem this year has been remarkable. Bitso took six years to get its first million customers. Now – less than ten months later – we have reached the 2 million mark. People in Latin America are using this technology in their We are proud to grow with the industry and continue to make these powerful financial facilitators available to everyone. Last week, we launched our retail operations in Brazil. This round will be used to expand our capabilities, our product offering and to continue to make encryption useful throughout Latin America,” said Bitso co-founder and CEO Daniel Vogel.
Bitso strengthened its position in LATAM with the launch of its retail platform in Brazil. The company will take advantage of this success as it expands its operations in other countries in Latin America in the coming months. In January 2021, the Financial Superintendence of Colombia announced Bitso as one of the companies authorized in its pilot sandbox and cryptography program.
Founded in 2014, Bitso is building next-generation borderless financial services for consumers and businesses. Its next product offering will be focused on better serving the needs of consumers and businesses across LATAM, making encryption useful. Other products that are coming soon include a crypto derivative platform and interest-bearing accounts for cryptography.
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