Money exchange platform Valiu has scored $5.25m in its seed round, as it continues its ambition of financially empowering people in Latin America.
The investment was led by Blockchange Ventures and Pomp, with contributions also coming from Castle Island, Y Combinator, IDEO Colab, Mercy Corps and others.
Valiu aims to democratise access to borderless digital dollars in Latin America. The FinTech leveraged the Venezuelan diaspora to expand in Latin America and offer a cross-border network.
Its maiden product enables users to safely and cost effectively complete remittances from Colombia to Venezuela. It has now expanded to provide dollar-denominated balances and free cross-border transfers to a number of countries in the region.
With its growth momentum, the company will expand into a range of dollar-denominated financial services, it said. New services will include savings, payments, investments and credit to businesses and individuals across Latin America.
The fresh equity round will be used to grow the company’s user base and improve its products. Funds will also be used to invest in compliance, AML and KYC systems.
As part of the deal, Blockchange Ventures head of investments Terry Rossi will join the Valiu board of directors.
Rossi said, “One of the most significant, global applications of the Blockchain will be to improve financial stability and inclusion.
“Valiu is doing this by making dollar accounts accessible to anyone in Latin America. The company, and the exceptional team behind it, could improve the lives of millions of people.”
Copyright © 2020 FinTech Global