Bipartite networks appear in many real-world contexts, linking entities across two distinct sets. They are often analyzed via one-mode projections, but such projections can introduce artificial correlations and inflated clustering, obscuring the true underlying structure. In this paper, we propose a geometric model for bipartite networks that leverages the high levels of bipartite four-cycles as a measure of clustering to place both node types in the same similarity space, where link probabilities decrease with distance. Additionally, we introduce B-Mercator, an algorithm that infers node positions from the bipartite structure. We evaluate its performance on diverse datasets, illustrating how the resulting embeddings improve downstream tasks such as node classification and distance-based link prediction in machine learning. These hyperbolic embeddings also enable the generation of synthetic networks with node features closely resembling real-world ones, thereby safeguarding sensitive information while allowing secure data sharing. In addition, we show how preserving bipartite structure avoids the pitfalls of projection-based techniques, yielding more accurate descriptions and better performance. Our method provides a robust framework for uncovering hidden geometry in complex bipartite systems.