Tether backs Colombia's Plenti in $3M seed to reach Peru and Bolivia
What's the deal? Plenti, a Colombian fintech offering international accounts and investment services, raised $3 million in seed funding. Tether, the issuer of the USDT stablecoin, led the round, with Verda VenturesDealroom has a profile for this one. Try Dealroom → participating.
What does Plenti do? It moves currencies and lets users invest, offering multi-currency accounts, yields of up to 8% annually, and fractional purchases from $6 in US stocks, exchange-traded funds, and cryptoassets. The company reports more than 150,000 active users and over $3.1 billion in annual transaction volume across its B2B and B2C divisions.
What's the money for? The funds will consolidate operations in Colombia and finance expansion into Peru and Bolivia. "We didn't need capital to grow in Colombia; we raised it to accelerate and take the model to new markets," said co-founder and chief technology officer Martín Peláez (translated from Spanish).
Why now? Tether's entry as a minority shareholder comes as digital-dollar platforms gain ground in Latin America against local currency volatility. At the close of the second quarter, Tether reported about $184.6 billion in USDT in circulation, more than 60% of the global stablecoin market.
By the numbers: The $3 million round sits above the 90th percentile for seed deals in Colombia, based on a sample of 7,023 rounds. "That Tether is coming in now as an investor validates what we've built," Peláez said.
The signal: Plenti competes with multi-currency and retail-investment apps including ARQ (formerly DolarApp)Dealroom has a profile for this one. Try Dealroom →, LittioDealroom has a profile for this one. Try Dealroom →, and Bitso. A stablecoin issuer backing a regional fintech underscores how digital dollars are moving from trading tools toward everyday accounts across Latin America.
Read more: latamfintech.co
Image credit: Monito - Money Transfer Comparison
