“Can Latin America's largest crypto exchange become a full-stack financial super app using tokenization as the invisible backend?”
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.
MB | Mercado Bitcoin discloses MB Pay (in-house) as its banking provider, according to the Embedded Finance Index 2026.
MB | Mercado Bitcoin does not disclose a bank charter of its own; its banking services are provided through MB Pay (in-house).
MB | Mercado Bitcoin processes payments through MB Pay (self-operated).
MB | Mercado Bitcoin's lending and capital products are provided by MB (in-house).
MB | Mercado Bitcoin uses Ripple Payments for FX and cross-border payouts.
MB | Mercado Bitcoin's crypto products run on MB (in-house), Polygon, Plume, XDC Network and Wormhole.
The Embedded Finance Index 2026 maps 7 layers in MB | Mercado Bitcoin's stack: Payments / PSP (MB Pay (self-operated)); Banking / BaaS (MB Pay (in-house)); Lending (MB (in-house), CriptoCrédito and MB One (crypto-collateralized BRL loan)); Unified APIs (Ripple Payments); FX & payouts (Ripple Payments); Crypto (MB (in-house), Polygon, Plume, XDC Network and 1 other); Treasury (Ripple Payments).
MB | Mercado Bitcoin is founded in 2013 and headquartered in São Paulo, Brazil.
MB | Mercado Bitcoin has raised $287.8M in total (latest round: Series B, 2021; valuation: $2.1B (2021, parent 2TM Group)).
Get a read on where your own stack stands against MB | Mercado Bitcoin and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.