Congrats to FTC II portfolio company Oxio on their successful Series A funding round led by two of the top Latin American VCs, Atlantico Capital and monashees.
The round includes participation from prior investors, Multicoin Capital and FinTech Collective.
FinTech Collective first met the team in the summer of 2018 and led the startup’s Seed financing when Oxio was just an idea and a Powerpoint deck. Co-founder and CEO Nicolas Girard had previously built and exited his former telecom business, Aquto, and co-founder and CBO Jason Evans had previously been an executive at Fastly. We were excited to build the first capital market exchange for mobile connectivity, and help get 4b+ individuals reliably connected to the digital world.
As accentuated by the COVID pandemic, staying connected is now more important than ever. And in emerging markets, such as Mexico, mobile phones are the gateway to the delivery of financial services.
“We’re helping close the digital divide created by the historical array of expensive, inflexible mobile plans by enabling dynamic creation of new business models and mobile offerings tailored to people’s needs and economics -- effectively bringing access to the digitally disenfranchised."
Nicolas Girard, co-founder and CEO of OXIO.
4b people or 50% of the world’s population do not have access to mobile internet. Connectivity and data affordability is still a major challenge, particularly for those in emerging markets. In Mexico, for example, where mobile users consume just over 2GB a month (the average U.S. user consumes 2.5x that), that mobile data costs about $4.77 for 1GB. This places Mexico 158th in the world in terms of affordability.
OXIO’s goal is to build the capital markets for the $2.5t telecom and mobile data market. OXIO has built the first carrier-as-a-service platform. Through a simple API, brands and enterprises can launch their own customized, branded mobile service: a branded MVNO. Much in the same way that Twilio enabled in-app SMS, OXIO enables brands to launch MVNOs. This is achieved by turning mobile data into a tradeable digital asset using tokens on blockchains. Tokenized data packages will be particularly useful in emerging markets like Mexico where mobile internet is relatively expensive
OXIO’s solution is natively multi-network, which seamlessly overlays on top of many heterogeneous networks (5G, WiFi, etc.) to ensure that customers have the best coverage at all times by dynamically switching networks, seamlessly to the users. This opens the design space for how brands can engage with their customers in completely new ways.