AirTM, a financial services provider for Latin America, has bagged $7m in its Series A led by BlueYard Capital.
Founded in 2015, AirTM offers a blockchain and bank-connected digital wallet and a P2P exchange platform, with an initial focus on the Latin American market. The company aims to bring more financial freedom and stable currencies to those ‘living in regions where reckless monetary policies and political instability have eroded faith in local currencies.’
The platform enables consumers to deposit and withdraw money in local currencies, as well as the international transfer of local currency. Deposits and withdrawal methods include banks, and e-money networks, gift cards, cash and cryptocurrencies.
Currently, there are more than 300,000 consumers and businesses in Venezuela and neighbouring countries that utilise the platform.
The equity was raised to support the platform’s growth across e-markets within the LatAm area. Through this capital, the company will be able to expand its offering to consumers which are still locked to traditional financial institutions.
AirTM’s co-founder and CEO Ruben Galindo said, “We’ve driven huge growth by enabling the exchange of a diverse range of financial assets at free market rates and providing a digital wallet to hold those assets. BlueYard shares our mission to bring reliable and innovative financial services to billions of people in the developing world,”
“BlueYard also understands the potential of decentralizing our peer-to-peer exchange platform via the AirProtocol in order to create thousands of additional bridges to our financial services throughout Latin America and in other emerging markets.”
The company closed its seed round late last year on $2m, with investments coming from Ignia, Wintech Ventures, and on BnktotheFuture. Prior to this, the cmpany closed an angel round of funding in 2016.
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