Welcome!

News Feed Item

Bitcoin Payments Pioneer BitPay Raises Record $30M in Series A Led by Index Ventures

BitPay, the world leader in business solutions for Bitcoin digital currency, today announces a Series A funding round of $30M (€22M), led by Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson, and AME Cloud Ventures.

With total accumulated investment reaching $32.7M, BitPay has now raised more venture funding than any other bitcoin startup. This fundraising round includes powerful venture capital from London, Geneva, New York, San Francisco and Hong Kong. Jan Hammer from Index Ventures will be joining BitPay’s Board of Directors, along with Mr. Jimmy Furland who represents the original investor group.

BitPay now processes $1 million per day in bitcoin payments for over 30,000 merchants, 50% of whom are in the U.S., with 30% in Europe and 20% across the rest of the world. Its customers include WordPress, TigerDirect, and Shopify. Sir Richard Branson’s commercial space travel company Virgin Galactic also uses BitPay to accept payments in bitcoins. In addition to BitPay’s core merchant acquiring products, the company is also developing open source projects around Bitcoin such as Bitcore, Insight, and Copay.

The company plans to use the investment to expand globally and create around 70 jobs, primarily software developers. This will more than triple the company’s workforce across its teams in Atlanta, San Francisco, Buenos Aires, and Amsterdam. Mr. Stephen Pair has also moved to the position of CEO and Mr. Tony Gallippi is now Executive Chairman, creating openings for additional executive level positions and ensuring that developers are well represented among the company’s leadership.

“Bitcoin is a borderless and frictionless payment system, which is nearing a tipping-point moment in terms of merchant adoption,” said BitPay co-founder Tony Gallippi. “Unlike existing payment technologies such as credit cards, with their high fees and risk of fraud and chargebacks, Bitcoin was designed for the Internet age, offering companies a lower-cost, lower-risk alternative.”

Index Ventures Partner Jan Hammer added: “Bitcoin has emerged as the Internet’s payment system of choice and is now a core building block of the future global economy. By enabling thousands of merchants to accept payment in bitcoins quickly, safely and seamlessly, BitPay is already the proven and trusted winner in this space. Tony, Stephen and the team have achieved a fantastic amount with scant resources, and the combination of the huge market opportunity, the quality of the talent and this fresh injection of capital, will surely propel them to success on a global scale.”

“We are active in the Atlanta community focused on innovative financial services technology and believe the financial industry is the foundation of all commerce,” said Gardiner Garrard, Co-Founder and Managing Partner, TTV Capital. “We see BitPay playing a key role in the future of electronic payments and paving the path for digital currency bitcoin.”

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in e-commerce, B2B and enterprise solutions for the Bitcoin digital currency.

www.bitpay.com

About Index Ventures

Index Ventures is a multi-stage international venture capital firm based in London, San Francisco and Geneva. Since 1996, Index has teamed up with exceptional entrepreneurs in more than 20 countries, who are using technology to reshape the world around us. The companies they’ve started include Adyen, ASOS, Climate Corp, Criteo, Dropbox, Etsy, Hortonworks, Just Eat, King, Moleskine, Nasty Gal, Ozon, Pure Storage, Skype, SoundCloud, Sonos, Supercell, Transferwise and Wealthfront.

www.indexventures.com

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platfor...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.