Bitso, Mexico’s largest cryptocurrency platform, announced that it raised US$ 250 Million in a Series C funding round on 05th May 2021. The funding round was led by Coatue and Tiger Global. After this fundraise, the total valuation of the company is US$ 2.2 Billion.
With this investment being made on the company, Bisto has become the largest fintech company in the region and the first Crypto Unicorn in Latin America. The other participants in this round were BOND, Valor Capital, Paradigm, QED, and Pantera Capital.
The reason behind the fundraising:
The company has announced that it will use the raised amount to provide cryptocurrencies for local residents and expand operations. “We want to make sure that folks in the region really benefit from accessing these global financial services that are getting built on top of the blockchain.” – CEO & Co-founder Daniel Vogel.
About the company –
Bisto was founded and established in January 2014 by Ben Peters, Pablo Gonzalez and Daniel Vogel, having its headquarters in Mexico-city. The company offers multiple crypto products in Mexico, Brazil and Argentina and has over 2 million customers.
The different product it offers includes Bisto App that lets the customer buy, sell, recieve or send nine different types of cryptocurrencies including Bitcoins; Bisto business, a platform for cross-border products for regional enterprises; and Bisto Alpha a professional trading platform for Cryptocurrency.
The company claims to have more than 65% crypto market shares in Argentina and more than 90% shares in Mexico. This year in January Bisto was chosen among one of the nine companies allowed to test crypto under the government’s pilot program.
Four months before, the startup raised US$ 62 million in a Series B funding round, and according to the company, the budget makes it the most precious platform for crypto in Latin America.
In 2020, the company generated a good amount of revenue. They processed USD 1.2 billion worth of online payments, including payment between the companies and resistance. It says – “Cryptocurrencies are the future of finance, and Bitso makes the future available today.”
Words from the Founder –
“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. Bitso offers products and services for individuals and businesses to use crypto in their everyday life,” – CEO & Co-founder Daniel Vogel.
“In some parts of the world, crypto is associated with speculation. Bitso’s customers rely on the technology for everyday uses, from receiving remittances to engaging in international commerce.” – he added.
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