Investing in Takenos

Today Takenos announced their seed round, co-led by us and Variant.

Takenos is a stablecoin based consumer financial app focused on Latin America. Today the app offers three core products for users  

-Users can seamlessly recieve funds in any currency (USD, EUR, crypto)

-Users can seamlessly spend those funds on an international debit card

-Users can hold USD in the app and earn yield on that balance  

Takenos is building a full stack finance app. Users can recieve dollars, save them, and spend them - all in a single place.  

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Takenos offers consumers in its two largest markets, Argentina & Bolivia, a meaningfully better financial experience than they are used to.  

-Receiving funds (from foreign employers/remittances) much quicker/cheaper

-Saving in USD is obviously better than saving in local currency

-Being able to spend in USD on an international card reduces fees on purchases like subscriptions and e-commerce

These are really valuable to users! And it shows in the data - Takenos is consistently a top 10 iOS app in Bolivia.  

The market for stablecoin based finance apps continues to get more crowded and one of the largest questions we got around the investment was defensibility. Our view is that there are minimal technical moats in this market given how good the infrastructure is getting. It really comes down to execution.  

Lucas, Francisco, Joaquín, Simón, and the team have hit $500M+ in payment volume having raised less than $500K over their three years of operation. The team has shown incredible grit and resilience and with this new capital raise we believe will be able to accelerate their already fast growth rate.  

We're excited to partner with them in this journey and can't wait to see what is coming next.

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