Ripio, a crypto infrastructure startup, has partnered with Mercado Pago Chile and the Colombian digital wallet FinZi to expand operations in LatAm.
According to Ripio executives, this partnership will allow users of both fintechs to buy and sell cryptocurrencies directly in their respective apps.
These new launches in Chile and Colombia strengthen Ripio’s B2B vertical.
Mercado Pago Chile and Finzi will now offer bitcoin, ether, and USDC stablecoins through the infrastructure of the startup founded in 2014, which has reached over 7 million users on its platform in recent months.
“In a context where business partnerships and the development of reliable B2B services are a fundamental part of market demand, we are proud to continue building together with Mercado Pago and add new partner startups like FinZi, with a proposal designed ad hoc and that allows us to continue expanding the crypto segment to diverse audiences,” Sebastián Serrano, CEO, and Co-founder of Ripio said in a press release.
Expanding access to financial services in LatAm
Matías Spagui, Senior Director of Mercado Pago Chile, commented publicly that “entering the cryptocurrency business is one more step to continue transforming and expanding access to financial services in Chile and Latin America.”
“Through this new service, we seek to give millions of Chileans access to the crypto world in an educational, secure, and simple way to generate greater financial inclusion,” the executive said.
For Juan Zavala, CEO of FinZi, the cooperation with the crypto-assets startup enables the expansion of digital economy access in LatAm.
“FinZi was born with the mission to empower, educate and provide access to financial services in an interactive, easy, and safe way for all young people. Now, this partnership with Ripio allows us to open the door to the digital economy, allowing them to familiarize, interact and, above all, save through these digital assets from their FinZi app.”
FinZi is considered in Colombia as the leading banking technology platform targeting young people of generation Z in the nation. Currently, the fintech has about 10,000 users. The company’s main clients in Colombia are Visa, Pony Malta, and Hype Games.
Ripio’s crypto-as-a-service solutions
Ripio, through its “crypto-as-a-service” proposal, allows other companies to securely offer blockchain-based solutions using an API that adapts to the needs of each client. Digital Currency Group (DCG) and Medici Ventures are among the central funds contributing to the startup.
In the middle of last year, Ripio announced a partnership with Mercado Livre — the parent company of Mercado Pago — in Brazil. It aimed to build loyalty among the e-commerce giant’s Brazilian customers by creating its own token: Mercado Coin (MCN).
To this end, both companies integrated their systems, and Ripio assumed the role of custodian and exchange for crypto transactions on the platform.
Jorge C. Carrasco is a Contributing Reporter at Fintech Nexus. He reports on fintech, economy, banking, startups, and technology, covering the most impactful stories from a Latin American perspective.
He has contributed to several international publications, such as Foreign Policy, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette. Originally from Havana, Cuba, he is now based in Brazil.