Bitcoin Payments Platform BitPay Raises $30 Million in Series B Funding
Blockchain payments technology platform BitPay announced Wednesday that it is raising $30M in a strategic Series B funding round led by Aquiline Technology Growth (ATG), a fund managed by Aquiline Capital Partners that invests in early- and growth-stage financial technology companies.
BitPay’s platform gives businesses and individuals the tools for secure blockchain payment acceptance, savings, and spending. In 2017, the company says it has achieved a record year for merchant payment processing on the Bitcoin blockchain, now approaching $2 billion in annualized payment volumes.
According to the company, BitPay’s open source wallet platform has seen growing consumer adoption, recently reaching the milestone of $3B in monthly user payments. BitPay’s prepaid Visa debit card, which lets bitcoin users turn bitcoin into dollars, pounds, or Euros for use with Visa merchants, has also seen significant year over year growth, according to the company.
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“We’re proud of our team’s work to grow BitPay’s impact and revenues to this point,” said BitPay CEO Stephen Pair. “We’ve been able to solve some of our customers’ biggest payment problems, from multimillion dollar B2B payments to day to day expenses.”
The company says it will be using this funding for strategic steps toward solving the problems of the world’s most difficult and valuable payments. It has already made inroads this year into cross-border supply chain payments and other payments underserved by traditional credit card and banking infrastructure.
ATG is a fund managed by Aquiline Capital Partners, a private equity firm investing in businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services.
In addition to ATG, Aquiline manages three financial services funds and has raised over $6.5 billion of capital through its affiliated funds and co-investments.
In 2014, BitPay raised a $30M series A round from investors including Index Ventures, Founder’s Fund, Felicis Ventures, RRE Ventures, and Sir Richard Branson.
A company in bitcoin payments, BitPay builds tools for secure bitcoin payment acceptance, savings, and spending. The company has offices in North America, Europe, and South America.