Plenti has raised a $3 million Seed round led by Tether, with participation from Verda Ventures, to expand its digital dollar and multicurrency platform across Latin America. The Medellín-based fintech plans to use the funding to consolidate its operations in Colombia and accelerate expansion into Peru and Bolivia.
Plenti said it has more than 150,000 active users and processes more than $3.1 billion in annual transaction volume across its B2B and B2C businesses.
Founded in 2022 by Martín Peláez, Nicolás Zuleta and Sebastián Correa, Plenti provides multicurrency accounts and investment services for individuals and businesses.
Its platform enables users to receive, purchase and send U.S. dollars, euros and Colombian pesos, fund international brokerage accounts, access a multicurrency Visa card and invest fractionally in U.S.-listed stocks, ETFs, digital gold and crypto assets.
The company also offers yields of up to 8% effective annual rate on balances and fractional investing starting at $6.
Tether’s investment comes as stablecoin-based financial products continue expanding across Latin America, where consumers and businesses increasingly use digital dollars for savings, payments and cross-border transactions.
Plenti said the investment will help strengthen the platform’s liquidity and security as it expands into additional regional markets.
The company is also backed by Platanus Ventures.
KEY QUOTES:
“Having Tether come in now as an investor validates what we’ve built and lets us strengthen the platform’s liquidity and security to bring this model to more markets in Latin America.”
“We raised $3 million for an operation that already moves more than $3.1 billion a year. We didn’t need capital to grow in Colombia, we raised it to accelerate and bring the model to new markets.”
Martín Peláez, Co-Founder and CTO of Plenti
