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MB | Mercado Bitcoin

“Can Latin America's largest crypto exchange become a full-stack financial super app using tokenization as the invisible backend?”

Founded2013
HQSão Paulo, Brazil
Total raised$287.8M
Latest roundSeries B, 2021
Valuation$2.1B (2021, parent 2TM Group)
IndustryFintech / Crypto
The story

Founded 2013 as Brazil's first crypto exchange. Raised $200M Series B from SoftBank in 2021 amid the retail crypto boom, hitting unicorn status. Received a payment institution license from Brazil's Central Bank in 2023, enabling MB Pay — a digital account/wallet that positioned MB beyond an exchange. Since 2024–2025 the company has explicitly rebranded around an 'invisible blockchain' super-app thesis: tokenized real-world assets (private credit, fixed income), crypto-backed lending (CriptoCrédito), banking, and cross-border payments (via Ripple) — with the exchange becoming one of several verticals rather than the whole product.

Last 12 months
2024-08
2024-10
2025-10
Product timeline
2013
Founded as Brazil's first cryptocurrency exchange· banking
2021
Raised $200M Series B from SoftBank at $2.1B valuation· banking
2023
Licensed as payment institution / electronic money issuer by Brazil's Central Bank; launched MB Pay digital account· banking
2024
Launched CriptoCrédito — crypto-collateralized loans in BRL· lending
2024
Partnered with Ripple to use Ripple Payments for cross-border treasury operations· pivot
2025
Announced 'invisible blockchain' strategy — pivot from exchange to financial super app; targeting $560M in tokenized credit issuance· pivot
Regulated entities
1
regulatory licence held by MB | Mercado Bitcoin
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
MB | Mercado Bitcoin was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Mercado Bitcoin6 layers →
The stack
6 layers disclosed in MB | Mercado Bitcoin’s embedded-finance stack
Payments / PSP
MB Pay (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Unified APIs
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: none
12 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.