2TM raises $50.3M in the second closing of its Series B funding round.
2TM, a Brazilian fintech unicorn and the holding company of Mercado Bitcoin, one of the continent’s top crypto exchanges, has concluded its Series B investment round once more, raising an extra $50 million. The investment round was headed by 10T and Tribe Capital in the United States, with participation from additional new investors.
2TM, one of Latin America’s largest fintech conglomerates, has secured $50 million in an extension of its Series B fundraising round. The round’s second close was headed by 10T and Tribe Capital, with participation from additional parties such as Traders Club, Pipo Capital, and Endeavor.
The first round of fundraising was closed in July, when it got $200 million from Softbank. 2TM is the parent business of Mercado Bitcoin, one of Brazil’s top crypto marketplaces, and it is now looking to spread its services to other nations on the continent. The presence of businesses such as 10T, which is making its first investment in the area, may indicate that there is still interest in the development potential of Latam-based marketplaces for digital assets.
The CEO of 2TM, Roberto Dagnoni, claimed that the company’s focus would be to enter the Mexican, Argentine, Chilean, and Colombian markets in the near future.
2TM has grown significantly this year, with trading volumes between January and October being more than double those reported by Mercado Bitcoin from its beginning in 2013 to December 2020. Dagnoni emphasized the rise of Mercado Bitcoin:
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 broadened its investment portfolio, portraying itself as a link between the digital asset and traditional financial markets. This purportedly positions it to serve traditional investors and institutions interested in dabbling in the crypto market, while also attempting to attract ordinary investors interested in digital assets.