Azteco, the sole provider of bitcoin vouchers for everyday microtransactions, has made a significant stride forward with a $6m funding round.
Jack Dorsey led the funding round, with participation from other esteemed investors like Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, David Van Der Weele, and Sunil Rajaraman.
Azteco aims to bring financial stability to those who face unreliable or volatile economic conditions by offering them a unique solution – bitcoin vouchers. These vouchers can be fulfilled online and at hundreds of thousands of retail locations across 195+ countries, allowing people to send, save, and spend small bitcoin amounts.
The recent funds will propel Azteco’s expansion into Latin America and Europe, as well as bolster product development. The goal is to extend their reach, develop user-friendly products, and enable people worldwide, regardless of their financial or technical skill level, to engage in global commerce.
Paul Ferguson, Co-founder of Azteco, remarked, “This investment is a catalyst to help us achieve our mission of bringing unconditional financial freedom and control to the next billion users. This funding will fuel our market activation and product refinement efforts, enabling us to reach consumers more effectively.”
Established in 2014, Azteco discovered that over 2 billion people globally have smartphones but lack access to traditional financial services. Azteco’s technology, paired with its voucher system, presents a low-cost, secure, and flexible banking alternative, allowing the unbanked population to save, spend, and send small bitcoin amounts securely.
Jack Dorsey, the lead investor, shared his excitement saying, “The unbanked population is immense. We have the technology and resources to close this gap, but until now, no one has taken that important next step. Azteco is providing so much more than just access to a secure financial system; it is building an ecosystem of financial self-determination that is secure and supported by local communities. I am honoured to support them.”
Echoing Dorsey’s sentiments, Mike Jarmuz, General Partner at Lightning Ventures, stated, “Azteco’s critical mission is to provide access and inclusivity to the often-overlooked and most underserved global demographics. Azteco’s solution is very familiar, far more comfortable, and incredibly easy for them to understand.”
The current seed round marks the first significant investment received by Azteco since its inception in 2014.
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