Bit2Me, the largest Spanish crypto exchange, acquired a majority stake in the Peruvian peer Fluyez, the company said Thursday.

​​The purchase of the 85% stake was for more than 1 million euros (US$1.022 million), Bit2Me Chief Operating Officer Andrei Manuel told CoinDesk, without disclosing an exact figure. Fluyez, operational as of March 2021, will continue being led by Luis Eduardo Berrospi, its co-founder and CEO.

The Peruvian company, which will not change its name after being acquired, plans to grow from 10,000 users to 100,000 in 12 months, Manuel said.

In parallel, Bit2Me is in negotiations to acquire an exchange in Chile, Manuel said, adding that the company is also eyeing exchanges in Latin American countries such as Colombia and Uruguay. Targets should range between $1 million and $20 million, he added.

“We are looking for companies that are fully compliant, have users, a wallet where you can exchange cryptocurrencies and fiat, and a solid team,” Manuel said.

Read more: Spain’s Central Bank Licenses Bit2Me to Be Country’s First Crypto Services Provider

Bit2Me has already signed two memorandums of understanding to buy a fintech company and a software developer based in Spain during the second half of 2022, Bit2Me CEO Leif Ferreira told CoinDesk last week. It also plans to add 250 employees during the next 12 months, doubling its headcount, he added.

The company will fund acquisitions with cash on hand, including the 20 million euros it raised through an initial coin offering in 2021, Ferreira told CoinDesk, adding that the company does not rule out the entry of a strategic investor.