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Square, the U.S. fintech founded by Jack Dorsey, led a US$17 million investment in the financial services company Movii. The new capital is part of a Series C, which is soon to close with a total amount of US$65 million.
The new financing is Square’s first for a Latin American startup. This amount is in addition to the US$15 million that Dorsey and Hard Yaka’s company already invested last October, as part of a Series B round.
The US fund Hard Yaka is led by Greg Kidd, who has invested in Twitter, Square and Coinbase.
More Capital, More Growth
Movii will use the recent survey to increase its user base and merchants. This is so that it can make collections and payments with digital means of payment.
So far it has around 2.5 million users and 60,000 merchants. But its goal is to reach 3.5 million users by the end of 2022.
In addition, this capital could lead the Colombian company to reach Peru, explained Hernando Rubio, CEO of Movii, to the media.
We will have to follow Movii closely to find out what new products it will soon come up with. When Square invested in it for the first time last year, the Colombian company already offered a digital wallet for cryptoassets, and was looking to extend its portfolio.
Currently, Movii offers this digital wallet and a debit card linked to a payment system for merchants.
Movii, together with Bitpoint, was one of the pioneering companies to make transactions with cryptoassets. This happened in the pilot of the Colombian Financial Superintendency.
In March, the Colombian Financial Superintendency (SFC) approved nine alliances formed by a supervised entity. They also launched an exchange platform to start testing crypto transactions in theArena, a space designed for this pilot. Of these, the first was the one formed by Movii and Birpoint last June.
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