Latin American fintech Takenos said on Nov. 5 that it has raised $7 million to grow a stablecoin-based financial network aimed at cross-border payments and broader financial services in the region.
The company said the new capital will help it expand from its current six-country footprint to more than 15 markets by 2027. Takenos also said it now processes more than $5 billion in annual transaction volume, four years after it was founded.
Expansion plan after new funding
Takenos said the fresh funding will be used to speed up the rollout of financial infrastructure across Latin America. Its stated goal is to make it easier to move between local currencies, U.S. dollars and stablecoins as it grows into additional markets.
The company said it wants to widen its business beyond consumer-facing financial products. That expansion includes platforms for small and medium-sized businesses as well as transaction services for institutions.
What the company offers today
Takenos says it supports cross-border money transfers for both individuals and businesses. According to the company, it has built this by securing local payment rails and financial licenses in each market where it operates.
For individual users, the company offers cards and U.S. dollar accounts. For business customers, it provides APIs designed for payroll, remittances and treasury management. Takenos also said it works with Stripe, Mastercard and Visa.
Current footprint and customer base
Takenos said it currently serves millions of users in Argentina, Bolivia, Ecuador, Peru, Paraguay and Guatemala. It also said its corporate customer list includes LATAM Airlines as well as energy and mining companies in Bolivia.
The company described the scale of its business as having surpassed $5 billion in annual transaction volume within four years of launching. That figure was presented by the company as evidence that demand exists for stablecoin-linked financial services in underserved parts of the region.
Management and investor view
Co-founder and chief executive Lucas Posada said Takenos did not build only a front-end app on top of a third-party payment network. He said the company instead created its own licensing framework, stablecoin infrastructure and country-specific fiat conversion network.
Posada said the latest funding should act as a base for entering more Latin American markets. A North Island Ventures official, commenting on the investment, said Takenos is building compliant stablecoin infrastructure in a market that many other companies have largely overlooked.
What comes next
The next confirmed step is geographic expansion. Takenos said it intends to grow from six countries to more than 15 by 2027 while continuing to develop infrastructure for exchanges between fiat currencies, U.S. dollars and stablecoins.
How quickly that plan unfolds will depend on the company’s ability to extend its network of licenses, payment rails and institutional services across new markets in the region, based on the roadmap it outlined with the funding announcement.
Source: en.bloomingbit.io