BitPagos rebrands to Ripio on back of $1.9m round

Argentinian bitcoin startup BitPagos has raised $1.9m in a Series A round led by recently-established Chinese blockchain fund Huiyin Blockchain Venture (HBV).

On the back of this investment the firm is also rebranding to Ripio – the name of its bitcoin wallet and credit service.

The Latin America-focused company also attracted existing backers Boost VC, Digital Currency Group and Draper VC.

Founded in 2013, BitPagos aimed to provide financial payments solutions to businesses and merchants across Argentina, Brazil, Chile and Ecuador.

Now the company is shifting its focus to its consumers-facing bitcoin wallet and credit product Ripio and rebranding to reflect this.

Ripio says it now serves more than 60,000 customers and will use the new capital to expand its business development teams.

It also aims to launch in more South American markets with an entrance into Mexico its main objective for Q1 2017.

The round’s lead investor HBV is a subsidiary of Chinese investment firm Huiyin Group.

It launched at the end of 2016 with $20m in committed capital with which to back bitcoin and blockchain startups over the next six to 12 months.

HBV has previously made investments in Indian bitcoin mobile wallet Unocoin and online marketplace

News of the investment comes in the wake of bitcoin’s value surpassing $1,000 for the first time in three years.

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