Softbank, a Tokyo-based conglomerate, set up a Latin America Fund a while ago, through which it seeks out firms that are just starting up in identification technology, e-commerce, education, and fintech and invests in them.
The firm is now taking particular interest in crypto platforms, as its fund invests in 2TM Group, the parent company of cryptocurrency trading platform Mercado Bitcoin. This new funding was announced in a statement that referred to it as one of the largest series B funding the region has ever seen.
It is also the conglomerate’s biggest investment in cryptocurrency in Latin America. The funding brings 2tm’s unicorn valuation up to US2.1bn, ranking 8th on the list of top fintech firms in the region.
Mercado Bitcoin will use the new capital to continue scaling its operations, while also increasing its infrastructure spending. With 2.8 million new clients in the past one year and 700,000 acquired within the first 5 months of 2021, Mercado Bitcoin claims to have seen a trend of growth that is “surpassing the total for its first seven years combined.”
Marcelo Claure, CEO of Softbank Group International and COO of Softbank Group said: “Mercado Bitcoin has become a global leader in the cryptocurrency space. We’ve been impressed by 2TM Group’s understanding of the Brazilian ecosystem, as well as their contribution to the evolving regulatory framework in Brazil.”
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