The archive · Money & Fintech · Product decision · 2022–2026
El Dorado bets LatAm will bank in dollar stablecoins; Paradigm leads US$9M Series A
Colombia-founded wallet for dollar stablecoins grew to 100k users in 12 countries; Paradigm, Coinbase Ventures and Verda Ventures led a US$9M Series A.
El Dorado
What the business is
Stablecoin wallet and cross-border payments app for Latin American consumers and businesses.
How it started
Founded in 2022 by Latin American immigrants including Guillermo Goncalvez, El Dorado set out to fix cross-border money movement in a region where large fintechs overlook busy corridors. Users facing devaluation wanted dollar-pegged savings; the app let them hold and send stablecoins where banks were slow and remittances expensive.
What happened
By mid-2026 El Dorado reported 100,000+ active users, 5M+ processed transactions and operations in 12 countries, with roughly half of volume crossing borders. In June 2026 it raised a US$9M Series A led by Paradigm, with Coinbase Ventures and Verda Ventures, and launched El Dorado Business — a multi-signature corporate account built on Tempo, the Layer-1 network developed by Paradigm and Stripe — used by 100+ companies including Chinese EV importers.
How it ended up
Still running and scaling: Series A in, 12-country footprint, B2B product launched; profitability not disclosed.
Background
El Dorado is a payments app, founded in Colombia in 2022, that lets Latin Americans hold, send and spend money in dollar-pegged stablecoins. Co-founder and CEO Guillermo Goncalvez, an immigrant himself, bet that users facing devaluation and expensive remittance rails would voluntarily move onto a phone wallet — starting with corridors such as Brazil–Bolivia that bigger fintechs overlooked.
By June 2026 the company reported more than 100,000 active users, over five million processed transactions and operations in 12 countries, with roughly half of that volume crossing borders. Paradigm led a US$9 million Series A alongside Coinbase Ventures and Verda Ventures, arguing Latin America moves well over US$100 billion across borders each year on slow, opaque infrastructure.
The round coincided with El Dorado Business, a multi-signature corporate account built on Tempo — a Layer-1 blockchain developed by Paradigm and Stripe — that settles trade payments with stablecoins instead of correspondent banks. More than 100 companies had joined, including importers bringing electric vehicles from China. The bet is that dollar rails, not legacy banks, become Latin America's default settlement layer.
What has to be true
- Latin America moves over US$100B across borders annually on slow, expensive rails — a large wedge where incumbents underinvest.
- Peso and other currency devaluations create organic demand for dollar-pegged savings that banks do not serve.
- Corridors like Brazil–Bolivia let a small team win users before competing head-on with Nubank or Wise.
- A 100k-user consumer base opened the door to B2B settlement — the same audience expanded into corporate payments.
What can be applied
Win the corridors giants ignore: El Dorado reached 100k users on underserved routes like Brazil–Bolivia, then converted that traction into a business product — wedge first, expansion second.
Aftermath
As of June 2026 El Dorado operated in 12 Latin American countries, with 100,000+ active users and 5M+ processed transactions, and was pushing El Dorado Business — a multi-signature corporate account on Tempo — with 100+ business clients onboarded, including EV importers. Revenue and profitability are not disclosed; the company remains early. The US$9M Series A from Paradigm, Coinbase Ventures and Verda Ventures funds expansion of corridors and the business platform.
Sources
- Fintech colombiana El Dorado levanta US$9M en una ronda Serie A para escalar su app de pagos transfronterizos en Latam
- Paradigm leads $9 million investment in stablecoin payments platform El Dorado
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