Total amount raised
$2.5 Millions
Latest funding date
9/1/2016
Location
Bitso has successfully raised significant funding through multiple rounds, with its latest being a Series C. The platform offers a range of cryptocurrency services, including trading, investment tools, and cross-border payments.
Keep reading to explore the intricacies of Bitso's fundraising journey and the investors backing this innovative platform.
What Is Bitso?
Founded in 2014, Bitso is a cryptocurrency platform headquartered in Mexico City, Mexico. The company was established by Ben Peters, Daniel Vogel, and Pablo Gonzalez. Bitso offers a range of services, including trading, investment tools, and cross-border payments.
With a workforce of 501-1000 employees, Bitso has grown to become a trusted platform for millions of users. The company operates in multiple countries, including Mexico, Brazil, and Argentina, and holds international certification from the Gibraltar Financial Services Commission (GFSC).
Bitso's platform allows users to buy, sell, and earn cryptocurrencies, providing tools for portfolio performance tracking, automatic trading, and professional trading through Bitso Alpha. The company also supports B2B clients and processes significant transaction volumes and remittances.
How Much Funding Has Bitso Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 1, 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial services.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 29, 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and user base.
- Series A
- Amount Raised: $2.5M
- Date: September 28, 2016
- Lead Investors: MONEXgroup
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: November 29, 2016
- Lead Investors: MassChallenge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and mentorship.
- Series B
- Amount Raised: $62M
- Date: December 9, 2020
- Lead Investors: Kaszek, QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion efforts.
- Series C
- Amount Raised: $250M
- Date: May 5, 2021
- Lead Investors: Coatue, Tiger Global Management
- Valuation at Round: $2.2B
- Motivation Behind the Round: To broaden capabilities, expand product offerings, and grow operations in other Latin American countries.
Total Amount Raised: $314.5M. Current Valuation: $2.2B.
Key Investors
- Coatue
- Details: Coatue is a global investment firm focused on technology, media, and telecommunications. Founded by Philippe Laffont, the firm manages both public and private equity funds.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Snapchat, Spotify, Bytedance.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that deploys capital globally in both public and private markets. The firm was founded by Chase Coleman in 2001.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Stripe.
- Kaszek
- Details: Kaszek is a venture capital firm that invests in high-impact technology-based companies in Latin America. It was founded by Hernan Kazah and Nicolas Szekasy.
- Investment Focus Areas: Technology-based companies in Latin America.
- Notable Investments: Nubank, QuintoAndar, Loggi.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. It was founded by Nigel Morris and Frank Rotman.
- Investment Focus Areas: Financial services, technology companies.
- Notable Investments: Credit Karma, SoFi, Avant.
- MONEXgroup
- Details: MONEXgroup is a financial services company specializing in foreign exchange and international payments. It is headquartered in Mexico City.
- Investment Focus Areas: Financial services, foreign exchange, international payments.
- Notable Investments: Not specified.
What's Next for Bitso?
Bitso's future looks promising as it aims to expand its footprint across Latin America. With the recent $250 million Series C funding, the company plans to introduce new products like a crypto derivatives platform and interest-bearing accounts. The growing demand for crypto assets and financial products in the region presents a significant opportunity for Bitso to increase its user base and transaction volumes.
Future fundraising seems likely, given the interest from major investors like Tiger Global and Coatue. However, Bitso will need to navigate regulatory challenges and competition from other crypto platforms and traditional financial institutions. Ensuring security and transparency will be crucial to maintaining user trust as the company scales its operations.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Bitso and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
