Ripio bags additional funding to take Series A to $2.25m

Argentinian bitcoin startup Ripio (formerly Bitpagos) has bumped up its Series A round with an additional $428,000.

The investment comes from online retailer Overstock’s blockchain and bitcoin-dedicated investment subsidiary Medici Ventures.

The additional funding takes the Series A round up to $2.25m.

Chinese blockchain fund Huiyin Blockchain Venture (HBV) led the initial investment in January with existing backers Boost VC, Digital Currency Group and Draper VC also participating.

Ripio offers a suite of financial services to 70,000 users across Argentina and Brazil, enabling them to buy and sell bitcoin in local currencies and use them to pay online and in stores.

Medici Ventures’ President Jonathan Johnson commented: “Ripio has simplified the peer-to-peer payment system in a way that is accessible to anyone with a smartphone, no matter his or her level of technical sophistication.

“This is exactly the type of life-changing application of blockchain technology that Medici Ventures is interested in.”

The company will use the fresh capital to expand into new regions including Mexico and Colombia.

Medici ventures will take an observer’s seat on Ripio’s board as a result of the deal.

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