Oxio, a telecom as a service (TAAS) platform, raised USD 40 Million in Series B funding to strengthen its business endeavors. The company is a known name in the telecom sector for its innovative white-label product that allows any brand to launch mobile service and enables them to serve as a mobile operator. In simpler words, Oxio develops and operates the telecom service, but other companies can sell the service under their own brands. Interestingly, the company also turns mobile data into blockchain-based digital assets.

This move is expected to expand Oxio business in the US and Mexico regions. One of the company officials also revealed that Oxio plans to advance its product and engineering teams in the US further to elevate the scope and quality of its services.

Notable tech entrepreneur Nicolas Girard, who is also the Chief Executive Officer (CEO) at Oxio, asserts that the integration with telecom companies in the US is almost done, and the company is currently focussing on strengthening its integration in Brazil.

The cost of mobile data needs to be reduced by 80% so that maximum people in Latin America can be connected without any hassles and in an easy way. “That is a deadlock that we are in, and the only way we can do that is by opening up access to the infrastructure to companies like us, to create new opportunities and a new business model,” Girard said.

In November 2020 as well, Oxio had raised $13 million in a Series A funding round that was led by Brazilian venture capital firms Monashees and Atlantico Capital. Experts say that till date the company has raised a total of $65 million from investors.