Mexican exchange Bitso raises $62M to help fund international expansion

Bitso, the biggest crypto exchange in Latin America, has raised $62 million dollars in a series B funding round.

Bitso plans to use the funding to consolidate its expansion in the region — including a focus on Brazil's emerging market.

The fundraising round for the Mexican exchange was led by the investment funds Kaszek Ventures and QED Investors. QED's co-founder Nigel Morris and Kaszek's managing director Nicolas Szekasy will also join Bitso's board of directors following the round. Morris stated:

"QED has long kept the crypto market and Bitso in its crosshairs. It has been a pleasure to see the company grow and expand in Latin America. We are excited that Bitso is our first investment in our portfolio."

Daniel Vogel, CEO of Bitso said, "Our mission is to provide universal access to cryptocurrencies in a simple, transparent and secure way, and to make them useful in people's lives.'' 

"Working hand in hand with the brilliant teams at QED and Kaszek Ventures will help us advance this mission. This round will finance our global strategy to continue offering the Bitso platform in other Latin American countries, with a particular focus on Brazil,'' he added.

Coinbase and Pantera Capital also participated in Bitso's funding round.

Bitso’s last investment round was in 2019. It expanded operations in Argentina in February, and has plans to expand into more countries in the Latin region and worldwide in the coming months.

Bitso surpassed one million users for the first time in July, while its staff has doubled in number over the past six months.

"Bitso has built the leading crypto ecosystem in Latin America and is growing exponentially. The team is by far the strongest in the region, combining deep technological knowledge with a great understanding of the market," said Kaszek's Szekasy.

He added: "Since their launch, they have developed a platform that includes exchange functionalities, international payment capabilities and banking functionalities that allow for intuitive crypto operations."