River Financial, which supports the buying and selling of bitcoin, has netted $5.7m in its seed round.
The investment was backed by Polychain Capital, Slow Ventures, Castle Island Ventures, DG Lab Fund, Cygni, Pfeffer Capital Ltd and IDEO CoLab Ventures.
Alongside this, a number of angel backers contributed to the round.
With the close of the round, the FinTech will continue to expand across the US and launch more products.
In addition to closing the round, River Finanical has released its Private Client offering, a service aimed at family offices, high net-worth individuals, and other sophisticated investors looking for larger order limits of up to $250m.
River Financial is an online dashboard which enables users to buy, sell and track bitcoin. Its dashboard enables the client to monitor the performance of their assets and schedule recurring buy orders.
Polychain Capital founder Olaf Carlson-Wee said, “We see River Financial as bridging the gap between traditional finance and bitcoin. The evolution of finance is only happening faster in the wake of the current global economic crisis, which has illuminated holes within traditional financial systems that can potentially be filled by bitcoin.”
The FinTech has seen a strong period of growth, culminating in its average monthly volume increase by 80%, it claims.
River Financial co-founder and CEO/CTO Alex Leishman said, “The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention. Additionally, bitcoin is growing up in the eyes of legacy investors like Paul Tudor Jones, Dan Tapiero, Raoul Pal, and others.
“These seasoned macro investors are showing a growing interest in bitcoin as the asset class continues to become legitimized within the mainstream finance community.”
Copyright © 2020 FinTech Global
