Business

Colombian fintech MOVii raises $15 million and wants to enter the crypto market

Square and Hard Yaka co-led this Series B round in the fintech, which is also licensed as an issuer and acquirer in Colombia

MOVii's app simulation. Image: Screenshot.
  • This round was co-led by the U.S.-based fintech giant Square and the venture capital firm from San Francisco, California, Hard Yaka, founded by one of the early investors in Twitter, Square, and Coinbase, Greg Kidd;
  • MOVii is a company fully regulated as a Specialized Company in Electronic Deposits and Payments (Sedpe in the acronym in Spanish), and a licensed issuer and acquirer.

MOVii, the largest fintech in Colombia to provide digital payments services through an app, announced last Wednesday that it raised a US$ 15 million Series B from U.S. investors.

This round was co-led by the U.S.-based fintech giant Square and the venture capital firm from San Francisco, California, Hard Yaka, founded by one of the early investors in Twitter, Square, and Coinbase, Greg Kidd.

As a company fully regulated as a Specialized Company in Electronic Deposits and Payments (Sedpe in the acronym in Spanish) and licensed as the country’s first independent (not linked to any bank) issuer and acquirer, the fintech intends to develop a cryptocurrency-buying platform and to grow its existing line of products also in the B2B direction.

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Currently, MOVii has over 1.7 million B2C customers, according to the country’s Financial Superintendence (Superfinanciera). The fintech also offers a payment network for businesses called MoviiRed, through which it serves around 10 million people.

Since March this year, Superfinanciera gave the green light for nine alliances made up of a supervised entity and an exchange platform to begin testing crypto-asset transactions within laArenera, the controlled space (sandbox) destined for the pilot. The first announced alliance was one formed by MOVii and Bitpoint, which began trading crypto assets on a testing basis on June 22.

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The fintech‘s idea, according to what its CEO and co-founder Hernando Rubio told La Republica, is to strengthen its position as a direct acquirer for merchants, offering a bundle of payment services for them, both online in offline. MOVii works with both Visa and Mastercard in Colombia.

LABS reached out to Hard Yaka and MOVii for more details but still has no response on the request.

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