Canadian bitcoin buying app Shakepay collects Series A

Shakepay, a mobile app that enables Canadians to buy and sell bitcoin, has collected $44m in its Series A funding round.

US-based QED Investors served as the lead backer, with commitments also coming from Boost VC, BoxOne Ventures Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, Jevon MacDonald, Mark MacLeod, Dan Debow, Farhan Thawar, and several product leaders from Shopify.

With this backing, Shakepay hopes to release new products and services for customers.

Its mobile app lets users buy and sell bitcoins, with transactions only taking ten minutes to make the first purchase, its website claims. The platform also nets users 1% in free bitcoin when shopping with a Visa merchant and an additional 1% on the first $5,000.

In 2021, the company grew by 381% to over 900,000 users, with $6bn in total volume. It also increased its team of 20 to 75 people across Canada.

As part of the deal, QED Investors partner Matt Burton will join Shakepay’s board of directors.

Fellow Canadian FinTech company Canalyst recently raised $70m in its Series C financing round, which was headed by the Dragoneer Investment Group. The company combines software with human expertise to create accurate and detailed financial and KPI data on global public companies.

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