Bitso, the Mexico-based cryptocurrency exchange, has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry.
It has been reported that the latest investment round gives Bitso a total value of $2.2 billion, making it the first Latin American cryptocurrency exchange to be worth over $1 billion. It’s also the third-most valuable fintech company on the continent.
However, the raise was led by Tiger Global and Coatue, with additional contributions from Valor Capital Group, Bond, and Paradigm.
Daniel Vogel, the co-founder and CEO of Bitso, said that it took the exchange six years to get its first million customers and less than 10 months to reach 2 million.
Mexican cryptocurrency exchange Bitso has concluded a $250 million Series C capital raise. This funding round makes the company Latin America’s first crypto unicorn. https://t.co/Nwzp0m0Hl4 — Cointelegraph (@Cointelegraph) May 6, 2021
“People in Latin America are using this technology in their everyday lives. We are proud to grow with the industry and continue to make these powerful financial enablers available to everyone.”
Likewise, he explained that the latest investment round will be used to grow company capabilities as the exchange continues to expand its regional operations.
“Last week we launched operations in Brazil. This round will be used to expand our capabilities, our product offering, and to continue to make cryptocurrencies useful throughout Latin America.”
Bitso offers cryptocurrency exchange services settled in Mexican pesos. The platform processes deposits and withdrawals using the Ripple payment gateway and is available in both desktop and mobile versions. The Series C fundraiser follows a successful Series B raise in December 2020 that brought in $62 million from various investment funds, including Kaszek Ventures and QED Investors. At the time, Vogel said the funds would be used to further expand company capabilities across Latin America.
Argentina was one of Bitso’s first expansion targets in 2019 after the company deployed investment funds obtained from a Ripple-led capital raise.
Thus, it took the exchange just six months to become Argentina’s most popular Bitcoin (BTC) trading platform.