Paradigm has led a $9 million Series A financing round in the Latin American cross-borders payment app El Dorado, the companies said Monday.
"Cross-border payments in Latin America represent one of the most underserved and underreported opportunities in global finance," Ricardo de Arruda, a partner in investing and research for Paradigm, told The Block. "The region moves well over $100 billion across borders annually, but is plagued by slow, expensive and opaque infrastructure. El Dorado is building the payments layer this market has long needed."
Coinbase Ventures and Verda Ventures also participated in the round.
El Dorado co-founder and CEO Guillermo Goncalvez put the cross-border payment market in Latin America closer to $1 trillion per year and yet the region lacks the effective payment rails needed, he said.
"That's mostly U.S. into LatAm volumes, and about 60% of that is actually purely B2B cross-boarder payments, so mostly imports and exports," Goncalvez told The Block. "Something pretty interesting that we're seeing at El Dorado is that the biggest underserved opportunity relies on some internal corridors."
