Plenti receives US$3 million from Tether to expand across Latin America
Plenti closes a US$3 million seed round led by Tether to consolidate its operations in Colombia and expand into Peru and Bolivia.
Plenti, the fintech founded in Medellín and focused on currency transfers and investment services, closed a US$3 million seed round in a transaction led by Tether, the issuer of the USDT stablecoin, with participation from Verda Ventures.
Plenti will use the capital to expand regionally
The funds raised will be used to consolidate Plenti’s operations in Colombia and finance the launch of its businesses in Peru and Bolivia.
The fintech currently has more than 150.000 active users and reports annual transaction volume of over US$3.100 million across its B2B and B2C divisions.
Martín Peláez, Plenti’s co-founder and CTO, explained that the new investment is primarily driven by the company’s expansion strategy:
“We raised US$3 million for an operation that already moves more than US$3.100 million a year. We didn’t need capital to grow in Colombia; we raised it to accelerate and take the model into new markets.”
Tether’s investment comes amid greater use of digital dollars
Tether’s entry as an investor Tether comes as digital dollar platforms gain ground in Latin America, amid volatility in local currencies.
At the end of the second quarter, Tether had approximately US$184.600 million USDT in circulation, representing more than 60% of the global stablecoin market.
For Plenti, the USDT issuer’s participation will also help strengthen key aspects of its operations, particularly liquidity and security.
“Tether’s entry as an investor now validates what we’ve built and allows us to strengthen the platform’s liquidity and security as we take this model to more Latin American markets,” Peláez said.
An offering built around multi-currency accounts and investing
Plenti competes in the multi-currency account and retail investment category, where it faces apps such as DolarApp, Littio, Dollarize, and Bitso.
Its offering combines international transaction services, yields of up to 8% E.A. on balances, and the ability to make fractional purchases starting at US$6 in U.S.-listed stocks, exchange-traded funds (ETFs), and crypto assets.
With the new round, the company aims to leverage the operation it has already built in Colombia to accelerate its entry into new Latin American markets, with Peru and Bolivia next in its expansion plans.
