Colombian Fintech Movii Raises $15M in Series B Round

Movii said that it was targeting some of the funding to develop a bitcoin purchasing service.

Oct 8, 2021 at 12:11 a.m. UTC
Updated Oct 8, 2021 at 2:18 p.m. UTC

Colombian fintech Movii raised $15 million in a Series B funding round to create a bitcoin purchasing service and expand other services.

  • The company said Wednesday the round was co-led by payments services company Square and Hard Yaka, an investment fund founded by former Ripple Chief Risk Officer Greg Kidd.
  • Movii said in a statement the partnership with new investors would enable Movii to “accelerate the growth of its existing services and launch new ones,” and that it plans to raise a Series C round before the end of the year.
  • Since July, Movii has participated with two exchanges, Panda and Bitpoint, in a Colombian government-sponsored pilot program that allows financial institutions to provide deposit and withdrawal services to and from a crypto exchange.
  • “For us this is the first step in the world of crypto assets, we want to take this product to different levels and eventually make it possible to sell and buy crypto assets from Movii, with an easy, simple and transparent experience for the user,” Hernando Rubio, CEO and co-founder of Movii, told Bloomberg Linea at the time.
  • Founded in 2018, Movii offers a digital wallet with two million users and a payment network for businesses, MOViiRed. It is fully regulated as a payment institution by Colombian regulators and is an approved payment network by Mastercard and Visa, according to the statement.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.