Fintech Ripio Raises $50 Million in Series B

Argentina’s cripto fintech Ripio raises $50 million in Series B financing aiming at expanding across Latin America.

Argentina’s cripto fintech Ripio raises $50 million in Series B financing aiming at expanding across Latin America.

The Series B funding round included new investors such as Amplo, Marcos Galperin, founder and CEO of Latin American marketplace Mercado Libre, and Martín Migoya, founder and CEO of software company Globant.

Launched in 2013, Ripio serves more than 2 million users in Argentina and Brazil and is structuring the operation in three other countries in the region: Mexico, Colombia, and Uruguay. The Fintech has partnerships with large companies such as Mercado Pago, Visa and Circle, according to LABS.

Ripio was founded in Argentina and bought in January BitcoinTrade, Brazil’s second-biggest crypto exchange. The company has been planning to expand into other key markets in the region for some time. While the pandemic put a damper on that growth to some extent, Ripio appears to be close to entering into some new countries.

In a LinkedIn update, Ripio mentioned Spain as a country on its roadmap. Juan José Mendez, the company’s Chief Brand Officer, said Spain is a strategic base for Ripio due to its commercial and cultural ties with Latin America, but clarified that it does not currently have plans to expand to the rest of Europe.

Attorneys for this transaction have not been disclosed as of the release of this story.

Last January Pinheiro Neto Advogados assisted Ripio Holding in its acquisition of 100% of BitcoinTrade group’s capital stock, comprised of shareholders Peertrade Digital Ltda., Tradeback Digital Ltda., and BTD Digital Ltda., in a transaction in which Veirano Advogados counseled Montenegro Investments.

Beyond the Law.News was not informed of nor could it verify the name of the law firms representing or acting on behalf of the parties.