AirTM, a San Francisco, CA-based startup that provides innovative financial services to consumers and businesses throughout Latin America, raised $7m in Series A funding.
BlueYard Capital led the round.
The company intends to use the funds for continued growth across multiple e-markets in the region and expansion of its product offering.
Founded in 2015 by Ruben Galindo, CEO, AirTM operates a blockchain-and-bank-connected digital wallet and peer-to-peer exchange platform (the AirPlatform) that provides globally-connected financial services to consumers and businesses in emerging markets, with an initial focus in Latin America.
The company has experienced growth in Venezuela and surrounding countries due to Venezuela’s hyperinflation, currency exchange controls, and diaspora fleeing the country’s economic collapse, whereas over 300,000 consumers and businesses use AirTM to preserve wealth by saving in USD, and to access remittance, payments, and donations at free market rates. The startup has the potential of creating an alternative to traditional banking in countries with volatile currencies.
AirTM completed its Seed Round in November of 2017, raising $2m from Mexico City-based Ignia, Hong Kong-based Wintech Ventures, and on BnktotheFuture, a fintech crowdfunding platform. Cloud Money Ventures led the angel round in 2016.