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Bitcoin Payments Pioneer BitPay Raises Record $30M in Series A Led by Index Ventures
|By Business Wire
|May 13, 2014 06:02 AM EDT
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.”
BitPay is a Payment Service Provider (PSP) specializing in e-commerce,
B2B and enterprise solutions for the Bitcoin digital currency.
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.
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