Bitso, a cryptocurrency platform in Latin America, has announced a $250million Series C equity round led by Tiger Global and Coatue. Paradigm, BOND and Valor Capital Group also join the round, together with existing investors QED, Pantera Capital, and Kaszek who bet again on Bitso’s growth following their participation in Bitso’s $62million Series B funding round in December 2020. This round puts Bitso’s valuation at $2.2billion, making it one of the largest fintechs and the first billion-dollar crypto company in the region.
“Crypto is rapidly gaining adoption in Latin America,” said Scott Shleifer, Partner, Tiger Global.
“We are excited to partner with Bitso and believe they have the right team and platform to increase share in this growing market.”
“We are excited about Bitso because it is the first fully scaled compliance solution that enables consumers across Latin America to access the crypto economy. We believe access to this financial product has the potential to be game-changing in Latin America and we look forward to supporting the Bitso team on its mission to expand crypto access to all.” said Michael Gilroy, General Partner at Coatue.
Bitso has achieved success by offering global-minded product offerings that fit the needs of local customers in Mexico, Argentina and now Brazil. Demand for crypto assets and crypto-enabled financial products have soared in popularity both for individuals and businesses in the region with Bitso leading the way as the safest, most transparent, and only regulatory compliant platform in the region. It also is the only player in the region to offer crypto-insurance for its client’s funds.
“The growth of the crypto ecosystem this year has been remarkable. It took Bitso six years to get its first million clients. Now—less than ten months later—we have reached the 2 million mark. People in Latin America are using this technology in their everyday lives. We’re proud to grow with the industry and to continue to make these powerful financial enablers available to everyone,” said Bitso Co-Founder and CEO Daniel Vogel. “Last week we launched our retail operations in Brazil. This round will be used to expand our capabilities, our product offering and to continue making crypto useful across Latin America”.
With the launch of the retail platform in Brazil, Bitso will strengthen its position as one of the most well-known crypto companies in the three largest markets in the region. Bitso will build on this success as it expands its operations in other Latin American countries in the coming months. In January 2021, the Financial Superintendence of Colombia announced Bitso as one of the authorised companies in their Sandbox and crypto pilot program.
“Latin America has always had a special appreciation for the power of cryptocurrency,” said Matt Huang, Co-Founder and Managing Partner of Paradigm. “We are excited to back Bitso as the market-leading platform for furthering access to cryptocurrency and financial freedom in Latin America.”
“There are no crypto deniers anymore, in large part because of the vision and passion of Daniel and his world-class team who have led the way in proving that digital currency is here to stay,” said Nigel Morris, Co-Founder and Managing Partner, QED Investors. “We’re absolutely thrilled to be investing once again in Bitso to catalyse its growth and fuel its expansion into new geographies.”
Bitso’s upcoming product offering will be focused on better serving the needs of consumers and businesses across Latin America by making crypto useful. Other products coming soon include a crypto derivatives platform and interest bearing accounts for crypto. Bitso is building next-generation borderless financial services for consumers and businesses alike. Cryptocurrencies are the future of finance and Bitso makes the future available today.