TM, a Brazilian fintech unicorn that is the holding company of Mercado Bitcoin, one of the leading crypto exchanges on the continent, has closed its Series B funding round again, raising an additional $50 million. The funding round was led by U.S.-based 10T and Tribe Capital, with the participation of other new investors.
2TM Gets $50 Million More, Prepares for Expansion
2TM, one of the biggest fintech conglomerates in Latin America, has raised $50 million in an expansion of its Series B funding round. The second closing of the round was led by 10T and Tribe Capital and had participation from other parties, including Traders Club, Pipo Capital, and Endeavor.
The first closure of the funding round was in July when it received $200 million from Softbank. 2TM is the holding company of Mercado Bitcoin, one of the leading crypto markets in Brazil, and it’s now seeking to expand its services to other countries on the continent. The entrance of companies like 10T, which is making its first investment in the region, could signal that there is still interest in the growth potential of Latam-based markets when it comes to digital assets.
Roberto Dagnoni, CEO of 2TM, stated the company’s priority will be to reach Mexican, Argentinian, Chilean, and Colombian markets in the near future.
2TM has experienced notable growth this year, with trading volumes between January and October being double those Mercado Bitcoin recorded from its inception in 2013 to December 2020. About Mercado Bitcoin’s growth, Dagnoni stressed:
We have grown to more than 3.2 million customers today, which is equivalent to 80% of individual accounts at the Brazilian Stock exchange. This growth reinforces Brazilians’ appetite for digital assets and the great transformation that is hitting the traditional financial market.
2TM has also diversified its investments, positioning itself as a bridge company between the digital asset and the traditional finance markets. This ostensibly puts it in a place to serve traditional investors and institutions that want to dabble in the crypto market, while still aiming to reach the retail investor interested in digital assets.