Mexico City, Mexico – September 29, 2016. – Bitso, Mexico’s leading Digital Currency Exchange, announced today it closed a $2.5 million dollar Series A1 financing round. Investors in the Series A1 round include Monex, a Mexican world-leading financial institution that specializes in foreign exchange and international payments services, Barry Silbert’s industry-leading venture firm Digital Currency Group (NYC, USA), and leading Mexican Venture firms Variv Capital and Xochi Ventures. Other investors include Mohr World Consulting (USA / Mexico), GHR Investments (Canada), 10X Capital Management (Colombia), FundersClub (Silicon Valley, USA), Bitcoin Capital 3 (Hong Kong), and BnkToTheFuture (Hong Kong).
Bitso is a digital currency exchange that moves Mexico’s traditional banking infrastructure forward into the coming era of Bitcoin and Blockchain, allowing individuals and businesses in Mexico access fast, transparent, safe and cost-effective financial services. After being a BBVA Open Talent Finalist in 2015 Bitso was named one of Mexico’s most innovative startups by BBVA. In 2016 Bitso won the LatAm Innotribe Startup Challenge and was selected to be part of both MassChallenge and NXTPLabs.
When asked about why DCG invested in Bitso, Barry Silbert DCG’s Founder and CEO replied: “We have supported Bitso since their inception as they have built some of the most advanced exchange technology for digital assets and created partnerships that have helped bitcoin reach a broader audience. The team at Bitso has been an asset to the DCG network of companies, and continue to build innovative new models to help digital currencies fit into the existing financial system in both developed and developing countries using bitcoin as a global medium of exchange.”
The startup was founded in 2014 and is developing new products for an expanding market that is incipiently banked. Bitso’s main use cases include cross-border payments for small businesses, remittances, and international e-commerce payments. Pablo Gonzalez, CEO & Co-founder, commented: “This financing round will allow us to expand our product offering and provide the Mexican consumers and SMEs the benefits that Bitcoin has to offer them.”
“Bitso is our window to the world of digital currencies and has an extremely talented and ethical leadership to guide it,” mentioned Hector Lagos, CEO of Monex.
Bitso’s three co-founders Pablo Gonzalez, Daniel Vogel and Ben Peters will use the funds to expand the team, develop new partnerships, discover customers and launch products that use Bitso’s infrastructure to disrupt incumbents and better serve customer’s needs.