Bitcoin payment solution BitPay nets $30m Series B

Bitcoin payment solution BitPay has netted $30m in it’s Series B round led by Aquiline Technology Growth.

BitPay is a secure blockchain payment acceptance, savings and spending platform for both businesses and individuals. The platform allows users to create their own bitcoin wallet and exchange dollars for the tokens.

The company, which has offices in North America, Europe, and South America, recently hit $3bn in monthly user payments. Earlier this year the company made moves into new markets including cross-border supply chain payments.

Next year the company plans to hire key members to its engineering team, getting regulatory licencing and technology acquisitions. The company is also looking to expand into emerging markets in Asia.

Head of Aquiline Technology Growth Max Chee said, “BitPay plays an important role in the crypto-currency ecosystem by helping consumers, businesses and other financial institutions seamlessly accept and transfer Bitcoin for goods and services in the real world. We have been very impressed with BitPay’s financial performance, including 700% top-line growth, and look forward to supporting its ambitious plans in the sector.”

The Series B comes three years after the company raised its a round, which closed on $30m in 2014. Backers to the previous round included Index Ventures, Founder’s Fund, Felicis Ventures, RRE Ventures, and Sir Richard Branson.

Aquiline closed its maiden FinTech focused venture fund earlier this year on $190m, and compliments its $1.1bn Aquiline Financial Services Fund, which closed last year. The firm will invest across the FinTech sector, but has a particular interest in the InsurTech space and back-office operations.

In a recent interview with FinTech Global, Chee said ““InsurTech has been a laggard when it comes to FinTech investing, but is rapidly catching up.  In the last couple of years there’s been real interest in how technology can transform the industry at the c-suite level and a resurgence of start-ups entering the space.”

Chee joined Aquiline earlier this year, where to head the new FinTech focused fund.

Copyright © 2017 FinTech Global

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