Magma invests in Kravata to strengthen Latin America's Crypto Infrastructure

March 7, 2024

February 23, 2021

We're excited to invest in Kravata's pre-seed round to support cofounders Felipe Montes and Juliana Montes and the Kravata team to help make ​​Web3 simple and more accessible for everyone.

"We love investing in the fintech infrastructure layer, whether it's in traditional fintech, or in web3. Kravata’s infrastructure is helping bring more people into web3, and we're happy to support Felipe, Juliana, and the whole Kravata team. Kravata’s goal is to help startups and traditional businesses benefit from Web3 by helping them integrate web3 payments quickly, all while doing the steps necessary to be compliant with local and international laws," Laura Martinez Associate at Magma Partners

Founded by Felipe Montes and Juliana Montes, Kravata emerged to fulfill the needs of businesses seeking secure, formal, and quick crypto-enabled transactions.

Kravata offers API infrastructure for any business in Latin America to integrate Web3 and crypto services quickly and easily. By integrating Kravata, businesses save time on internal tech developments, while having access to regulatory-compliant Web3 features, like onramps and offramps, along with constant support on every step of the way.

In Latin America, countries like Venezuela, Argentina, Mexico, and Brazil are leading the way in the local cryptocurrency scene. Cryptocurrency adoption is on the rise, and there’s an untapped potential in use cases. In Argentina, for example, people convert local currency into crypto to protect their money from currency devaluation.

Mastercard's New Payments Index 2022, reports that 51% of consumers in Latin America have already tried crypto transactions. Latin America is now the seventh-largest cryptocurrency market globally, with citizens receiving $562 billion in crypto from July 2021 to June 2022— a 40% growth from the previous year.

In its first year of operations, Kravata facilitated $215M in transactions with 20 clients in Colombia. Kravata was also featured in the top 100 startups in the country by Forbes Colombia and is part of the Web3 accelerator, Alliance Dao.