Ripio, a Latin American platform focused on crypto brokerage, has just announced a $50 million Series B investment led by Digital Currency Group. Also participating in the round were venture capital funds Amplo VC and Boost VC and investors such as Marcos Galperin, founder of Mercado Livre, and Martin Migoya, founder of 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.
Ripio currently offers a digital wallet, brokerage, and credit services. The main product is the crypto digital wallet, an app that allows users to buy, sell, store, and transfer Bitcoin and other cryptocurrencies. Users can open a free account and make a deposit by bank transfer or through MercadoPago to buy digital assets, for example.
The company also offers a platform for real-time cryptocurrency trading; and RCN, a global credit network based on smart contracts and blockchain technology.
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The newly raised capital will be allocated primarily to bolster operations in Mexico, Colombia, and Uruguay. There are also plans to debut in Spain in 2022. Ripio’s chief brand officer Juan Jose Mendez told CoinDesk, the expansion will happen through acquisitions; the next one should be announced soon in Colombia.
In June, Ripio had already adopted a similar strategy to expand its operations in Brazil with the acquisition of BitcoinTrade, one of the largest cryptocurrency brokers in the country, with about 500,000 registered users. The value of the deal was not disclosed.
