Jack Dorsey, founder of Twitter, injects 20 million dollars in the fintech Movii of Colombia

The Society Specialized in Electronic Deposits MOVii received a $17 million investment led by Jack Dorsey, the American software developer, entrepreneur, co-founder of Twitter and CEO of Square. The capital injection is part of an advance of a Series C round that the company expects to close this year.

The new capital comes on top of the $15 million raised in a Series B funding round that took place last year. The company reported that this round was also co-directed by Square and Hard Yaka, an investment fund founded by the former chief risk officer of Rippl, Greg Kidd.

“With our new partners and their investment, we will continue with our mission of promoting financial inclusion so that anyone in Colombia can pay and be paid digitally,” explained Hernando Rubio, CEO and co-founder of MOVii.

The company indicated that the funds collected will be invested in a buy bitcoin and to expand other segments related to the cryptocurrency activities that the entity has.

The Colombian company participates in the laArena pilot, led by the Financial Superintendence of Colombia (SFC). Within the framework of this, a financial entity supervised by the control entity and a cryptoactive exchange platform or exchange come together to make transactions with the four cryptocurrencies approved by the regulator.

MOVii works hand in hand with Panda Exchange and Bitpoint Latam within this space controlled by the Superintendence. Both Sedpe alliances have already started cash in and cash out operations for crypto assets.



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