Last 2TM valuation
$2.1B
Series B · Jul 2021
Last 2TM funding round
Strategic investment
Amount undisclosed · Jan 2022
Cumulative funding 2TM raised
$288M
across 4 funding rounds
Key investors in 2TM
SoftBank Group
Endeavor Catalyst
Sand Hill Angels
JPMorgan Chase
Tribe Capital
Scale-Up Ventures
About 2TM
2TM is a blockchain infrastructure provider for financial markets, headquartered in Sao Paulo, Brazil. Founded in 2013, it operates Mercado Bitcoin, Latin America's largest cryptocurrency exchange handling over $10 billion in annual volume. The platform facilitates secure trading, custody, and investment operations across 15 countries. 2TM supports institutional clients with staking services and tokenized assets on Ethereum and Solana networks.
Founded
2013
HQ
BrazilWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Valuation
$2.1B (Jul 2021)
2TM Valuation
2TM is currently valued at $2.1B, based on its Series B in July 2021.
The $200M round was led by SoftBank Group.
2TM valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Series B | $2.1B |
2TM Funding History
2TM has raised a total of $288M across 4 funding rounds.
2TM's first fundraising round was a $37M Series A in January 2021. The most recent completed round was a strategic investment round in January 2022.
2TM funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Strategic investment | MercadoLibre | - | - | Mercado Libre announced that it had acquired shares in 2TM Group on January 20, 2022, alongside a separate strategic investment in Paxos. The announcement identified 2TM as the parent of Mercado Bitcoin, so the target is the holding company rather than the cryptocurrency exchange subsidiary. Neither the consideration nor the ownership percentage was disclosed. Mercado Libre described the investments as supporting the development and use of digital assets and blockchain technology across Latin America. A 2TM executive welcomed Mercado Libre as a shareholder and highlighted opportunities for cooperation with its commerce and financial-services ecosystem. The group’s Mercado Bitcoin business was described as a leading regional digital-asset exchange. The transaction is distinct from 2TM’s 2021 Series B financings and from acquisitions made by 2TM itself. No valuation from those earlier transactions is carried into this investment. |
| Nov 2021 | Series B | Traders Club; True Capital Management; Scale-Up Ventures; Sand Hill Angels; Tribe Capital; Endeavor Catalyst; 50T Funds; PIPO Capital | $50M | - | 2TM Group, the parent company of Brazil's Mercado Bitcoin cryptocurrency exchange, closed an expanded Series B funding round of $50.3 million with investors including 50T Funds, Tribe Capital, Traders Club, Pipo Capital, and Endeavour. This followed a prior $200 million raise from SoftBank Latin America Fund in July, which had valued the company as a unicorn. An earlier $37.4 million raise occurred in January for similar regional expansion. The new funds were intended for expansion into Latin American markets including Argentina, Chile, Colombia, and Mexico. Mercado Bitcoin was described as the leading cryptocurrency exchange in the region, with trading volume of 40 billion reais (approximately $7.1 billion) from January to October 2021. |
| Jul 2021 | Series B | SoftBank Group (lead) | $200M | $2.1B | 2TM Group is the Brazilian parent company of Mercado Bitcoin, Latin America's largest cryptocurrency exchange by transaction volume, offering digital asset services including trading, with plans to expand into digital wallets like MeuBank and custody via Bitrust. On July 1, 2021, it raised $200 million in its Series B round from SoftBank Latin America Fund, marking the largest Series B in Latin American history and SoftBank's biggest investment in a regional crypto firm, with the investment establishing a post-money valuation of $2.1 billion USD and positioning 2TM as the eighth most valuable unicorn in Latin America at the time. This round followed a Series A in January 2021 co-led by G2D/GP Investments and Parallax Ventures, with participants including HS Investimentos, Gear Ventures, Évora, and Genial, advised by J.P. Morgan and DealMaker. Proceeds were earmarked for team expansion to 700 employees by end-2021, accelerating growth across the portfolio, and regional expansion into countries like Argentina, Chile, Colombia, and Mexico via organic growth or acquisitions. In the first five months of 2021, Mercado Bitcoin processed nearly $5 billion USD in transaction volume with a 2.8 million client base. Post-round, 2TM continued aggressive expansion, including a $50 million follow-on from 10T Holdings, Tribe Capital, and others to fuel acquisitions and new products toward becoming a blockchain infrastructure provider for Latin American financial markets. The company grew headcount from 200 to 700 that year and acquired entities like CriptoLoja, Portugal's first licensed crypto exchange, to enter the EU market. Leadership includes CEO Roberto Dagnoni and co-founder Gustavo Chamati, emphasizing Brazil's pivotal role in Latin American crypto adoption amid evolving regulations. |
| Jan 2021 | Series A | GP Inova FIP Multiestratégia (lead); Parallax Ventures (lead); SoftBank Group; JPMorgan Chase; Endeavor Catalyst; Bfc Fundo De Investimento; Evora Equity; Gear Ventures; HS Investimentos | $37M | - | Mercado Bitcoin is a Brazilian cryptocurrency exchange and fintech platform, positioned as the first and leader in Latin America. The company operates a digital currency trading and investment platform that allows users to buy, hold, and sell cryptocurrencies and digital assets. By mid-2021, the platform had grown to 2.8 million customers, with 700,000 new signups between January and May 2021, and processed 25 billion Brazilian reais (approximately $4.9 billion USD) in transaction volume during that same five-month period, exceeding the entire transaction volume since the company's inception in 2013. Mercado Bitcoin raised $288.3 million across three funding rounds. The Series A round occurred on January 22, 2021, followed by a Series B round in July 2021 where the company was valued at $2,100 million, and a Series B-II round on November 30, 2021 for $50.3 million with investors including SoftBank Capital, Tribe Capital, and others. By November 2021, the company had raised $200 million from SoftBank Latin America Fund, achieving unicorn status with a valuation exceeding $1 billion. Mercado Bitcoin later became part of Mercado Libre's broader fintech ecosystem, with Mercado Libre launching cryptocurrency features within its Mercado Pago wallet in 2021, allowing millions of users to access selected cryptocurrencies through the platform. |
Who has invested in 2TM?
17 investors have backed 2TM across its funding rounds, including SoftBank Group, Endeavor Catalyst, Sand Hill Angels, JPMorgan Chase, Tribe Capital and Scale-Up Ventures.
Lead investors include SoftBank Group, GP Inova FIP Multiestratégia and Parallax Ventures.
2TM Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 2 | Lead | Jan 2021 | |
 New York City, NY | 2 | Participant | Jan 2021 | |
| São Paulo | 1 | Participant | Nov 2021 | |
| San Francisco, CA | 1 | Participant | Nov 2021 | |
| São Paulo | 1 | Participant | Nov 2021 | |
| San Francisco, CA | 1 | Participant | Nov 2021 | |
 Buenos Aires | 1 | Participant | Jan 2022 | |
| San Francisco, CA | 1 | Participant | Nov 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} GP Inova FIP Multiestratégia | Brazil | 1 | Lead | Jan 2021 |
| New York City, NY | 1 | Participant | Jan 2021 | |
| São Paulo | 1 | Participant | Jan 2021 | |
 Calgary | 1 | Participant | Jan 2021 | |
| United States | 1 | Participant | Nov 2021 | |
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Start Free TrialAcquisitions by 2TM
2TM has acquired 5 companies to date.
Last acquisition by 2TM was on March 10th 2022. 2TM acquired Wuzu for undisclosed valuation.
Latest Acquisitions by 2TM
| Description | - | CriptoLoja is a Lisbon-headquartered cryptocurrency exchange licensed by Banco de Portugal in June 2021. It facilitates trading of Bitcoin, Ethereum, Cardano, and over 20 altcoins with fiat on-ramps in EUR. CriptoLoja provides OTC desks, staking rewards, and compliance tools for retail and institutional Portuguese traders. | Portal do Bitcoin is a São Paulo-based news outlet dedicated to cryptocurrency and blockchain coverage in Brazil. It delivers daily updates on Bitcoin prices, regulatory changes, market analysis, and interviews with industry figures across Portuguese-language audiences. | Par Mais is a Florianópolis-headquartered investment and asset management firm founded in 2011. The company delivers personalized financial planning services to individuals, families, and businesses across Brazil, emphasizing client-centric strategies that align with personal financial objectives. Par Mais manages portfolios through tailored solutions covering investments, retirement planning, and wealth preservation, operating primarily in Santa Catarina and expanding nationwide. Its approach integrates education and advisory support to foster long-term financial independence for clients ranging from high-net-worth individuals to small enterprises. | |
| HQ Country | |  | | | |
| HQ City | - | Lisbon | São Paulo | Florianópolis | |
| Deal Date | 10 Mar 2022 | 12 Jan 2022 | 26 Jul 2021 | 20 May 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by 2TM
2TM has invested in 6 companies to date.
Latest investment by 2TM was on July 1st 2024. 2TM invested in Roxom Global in their $4M Pre-seed round.
Latest Investments by 2TM
| Description | Roxom Global maintains a hybrid exchange platform trading Bitcoin, stocks, commodities, and forex pairs. Headquartered in the United Arab Emirates, it launched in 2023 as the first to combine traditional assets with crypto under one roof. The platform offers spot and CFD trading with leverage up to 500:1 on indices. Regulated by VARA in Dubai, Roxom serves clients in MENA and Europe through MT5 integration and API access. It lists over 200 instruments including gold futures and NASDAQ stocks. | Delend is a Vilnius-based open finance platform for small and midsize enterprises in Europe. It aggregates data from banks and public sources to offer cash flow analysis, credit scoring, and financing matchmaking. Launched in 2020, Delend serves Lithuania, Latvia, and Estonia, connecting 10,000 SMEs to lenders via API integrations for loans up to EUR 500,000. | Gavea Marketplace is a blockchain commodities trading platform. It streamlines physical asset exchanges with smart contracts for settlement, origin traceability via NFTs, ESG compliance verification, and direct matching between producers and buyers. | Gorila is a São Paulo-based fintech platform enabling investors and advisors to manage portfolios with advanced analytics and automation. It offers real-time performance tracking, risk assessment, and multi-asset allocation tools. Gorila supports Brazilian users with compliant reporting and seamless integrations for personalized investment strategies. | |
| HQ Country | | | | | |
| HQ City | Buenos Aires | São Paulo | Rio de Janeiro | São Paulo | |
| Deal Date | 1 Jul 2024 | 28 Jan 2024 | 12 Jan 2022 | 15 Dec 2021 | |
| Round | Pre-seed | Seed | Seed | Series B | |
| Raised | $4M | $10M | $4M | $20M | |
| Investors | Newtopia VC; Sebastian Serrano; Ariel Arrieta; Cadenza Ventures; Ignacio Plaza; Carlos Castellanos; Gonzalo Ferradas; Kingsway Capital; Borderless Capital; Draper Associates; David Marcus | Andreesen Horowitz; Airborne Ventures | DOMO.VC; Hindiana; Torq; Astella | Apis Partners; Ribbit Capital; Iporanga Ventures; MONASHEES | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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2TM Competitors
2TM competitors include listed companies like Securitize and Finexity, and private ones like Paxos, LayerZero Labs, Anchorage Digital and CoinDCX.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | - | - | $2.4B | - | |
| Vancouver | Private | - | - | $3B | - | |
| United States | Publicly listed | $62M | ($34M) | $1.5B | 22.2x | |
| San Francisco, CA | Private | $85M | - | $4.2B | 49.4x | |
 Germany | Publicly listed | $2M | ($1M) | $49M | 4.6x | |
 Mumbai | Private | $141M | - | $2.1B | 15.2x |
2TM Public Comps
2TM is still privately-owned, but its public comps include Tradegate, Tradition, Sharplink, Securitize, Flow Traders, OSL Group, Hyperliquid Strategies, Indian Energy Exchange, HashKey Holdings and BitGo Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $219M | - | 10.8x | - | - | - | |||
| $1.4B | $249M | 1.7x | 1.6x | 9.2x | 10.2x | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $914M | $243M | 7.3x | 11.0x | 27.6x | 27.2x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $9M | - | 308.0x | 162.2x | - | - | |||
| $64M | $63M | 14.1x | 13.3x | 14.3x | 15.7x | |||
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Common questions about 2TM
| When was 2TM founded? | 2TM was founded in 2013. |
| Where is 2TM headquartered? | 2TM is headquartered in Brazil. |
| Is 2TM publicly listed? | No, 2TM is a private, VC-backed company. |
| What is 2TM's valuation? | 2TM was last valued at $2.1B in its Series B in July 2021. |
| How much funding has 2TM raised? | 2TM has raised $288M across 4 funding rounds. |
| What was 2TM's last funding round? | 2TM's last funding round was a strategic investment round in January 2022. |
| Who are 2TM's investors? | 2TM's investors include SoftBank Group, Endeavor Catalyst, Traders Club, True Capital Management, Scale-Up Ventures, Sand Hill Angels, MercadoLibre, Tribe Capital, GP Inova FIP Multiestratégia, JPMorgan Chase and 7 others. |
| Which companies are comparable to 2TM? | Companies comparable to 2TM include Paxos, LayerZero Labs, Securitize, Anchorage Digital, Finexity and CoinDCX. |
| How many companies has 2TM acquired? | 2TM has acquired 5 companies, including Wuzu, CriptoLoja, Portal do Bitcoin, Par Mais and Blockchain Academy. |
| How many companies has 2TM invested in? | 2TM has invested in 6 companies, including Roxom Global, Delend, Gavea Marketplace, Gorila, Tropix.io and FIDD Group. |
| What was 2TM's last investment? | In July 2024, 2TM invested in Roxom Global's $4M pre-seed round alongside Newtopia VC, Sebastian Serrano, Ariel Arrieta and 8 other investors. |
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