Colombian Payment Startup Movii Raises $15 million Series B Round

Colombian payment startup Movii announced that they raised $15 million in a Series B funding round to create a bitcoin purchasing service and expand other services.

The investment was co-led by payments services company Square and an investment fund Hard Yaka, founded by Greg Kidd, Ripple ex-Chief Risk Officer.

According to Movii’s statement the partnership with new investors would enable Movii to “accelerate the growth of its existing services and launch new ones.”

It also announced 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.

Hernando Rubio, CEO and co-founder of Movii, commented:

“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.”

Movii was founded in 2018, and it 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 independently licensed as an issuer and acquirer by Mastercard and Visa.t