← Embedded Finance Index 2026

Mercado Bitcoin

“Can a crypto exchange become Brazil's mainstream financial super-app by hiding blockchain rails behind familiar products (banking, credit, fixed income, cross-border)?”

Founded2013
HQSão Paulo, Brazil
FoundersGustavo Chamati, Mauricio Chamati
Total raised$200M+ (disclosed)
Latest roundSeries B, 2021
Valuation$2.1B (2021, 2TM Group parent)
IndustryFintech / Crypto
The story

Founded 2013 as Brazil's first Bitcoin exchange by the Chamati brothers. Hit unicorn status in 2021 on the back of a $200M SoftBank-led Series B. Since 2024-2025, deliberately repositioning away from a pure trading venue toward a 'financial super app' — adding tokenized fixed-income (Renda Fixa Digital), digital banking accounts, PIX rails, crypto-collateralized lending (CriptoCrédito / MB Pay), Ripple-powered cross-border payments and a CVM-licensed broker via the Banco Mercantil CCTVM acquisition. The thesis is 'invisible blockchain' — use crypto rails behind the scenes while shipping mainstream financial products to 4M+ Brazilian retail customers.

Last 12 months
2025-10
2026-02
2026-03
Product timeline
2013
Founded as Brazil's first cryptocurrency exchange· banking
2021
Raised $200M Series B from SoftBank at $2.1B valuation· ipo
2024
Partnered with Ripple for crypto-enabled cross-border payments (Brazil-Portugal corridor)· banking
2025
Acquired CCTVM (broker-dealer) from Banco Mercantil to expand into regulated capital markets· acquisition
2025
Pivoted to 'financial super app' strategy using 'invisible blockchain'· pivot
2026
Scaled CriptoCrédito (crypto-collateralized loans) 5x; targeting R$100M issuance by end 2026· lending
Regulated entities
2
regulatory licences held by Mercado Bitcoin
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
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.
MB | Mercado Bitcoin6 layers →
The stack
8 layers disclosed in Mercado Bitcoin’s embedded-finance stack
Payments / PSP
PIX (self-operated via CCTVM/banking partners)
Money movement
in the full report
Banking / BaaS
in the full report
Lending
in the full report
Unified APIs
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: none
10 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.