BitPay raises USD 30 million in Series A funding

Wednesday 14 May 2014 14:40 CET | News

BitPay, a Bitcoin-based payment gateway, has raised USD 30 million in Series A round.

The funding will be used to enhance and scale its existing platform, further expand the company overseas and grow its workforce with the addition of 70 positions. Most of the new jobs, which will triple the company’s staff in Atlanta, Amsterdam, Buenos Aires and San Francisco, will go to software developers, according to a statement released by BitPay.

Also, according to the company, the funding-fueled expansion will also see Gallippi transition to a new post as executive chairman and fellow BitPay co-founder Stephen Pair take over the role of CEO.

The funding was led by Index Ventures with participation from A-List investors like Bitcoin backer Richard Branson, Yahoo co-founder and former CEO Jerry Yang, PayPal founder Peter Thiel and a host of other tech industry players. The venture has made BitPay a USD 160 million worth company.

The global Bitcoin exchange and digital currency wallet service raised USD 25 million in December 2013. BitPay had previously raised USD 2.7 million in angel and venture capital funding, including a contribution from Shakil Khan, the founder of Bitcoin news site CoinDesk and former head of special projects at Spotify. Other notable earlier BitPay investors include actor Ashton Kutcher, SecondMarket CEO Barry Silbert and serial Bitcoin startup angel investor Roger Ver.

Founded in May 2011, BitPay now processes USD 1 million in Bitcoin transactions every day across the world (50% in the US, 30% in Europe and 20% in the rest of the world) for more than 30,000 merchants.

The company offers monthly pricing plans and charges no per transaction fees. Plans range from USD 30 to USD 300 per 30 days, depending on the scope of support needs and the total amount of purchases processed per day.

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Keywords: BitPay, Series A funding, investment, payment gateway, online payments, Index Ventures, Bitcoin, digital currency
Categories: Payments & Commerce
Countries: World
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