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Bitcoin lending platform Bitbond secures €5M debt commitment

Bitbond, a Berlin-based peer-to-peer bitcoin lending platform, has announced a debt commitment from Obotritia Capital to fund €5 million worth of loans through its platform, EU-Startups reported.

The announcement follows the closing of an equity funding round in February this year in which Bitbond raised $1.2 million. Obotritia Capital has also invested an undisclosed amount of equity into the startup.

“The debt commitment by Obotritia brings Bitbond to the next level in our efforts to provide universal SME financing. The next step is to work with partners. Such partners could be online marketplaces who want to add value to their platforms by giving their merchants access to instant cash through Bitbond”, Founder & CEO of Bitbond Radoslav Albrecht said.

Founded in 2013, the Germany-based startup connects small business owners who need a loan with investors and uses the bitcoin blockchain for payment processing. It became the first blockchain-based financial services provider to be licensed by German financial regulator BaFin in October 2016.

In 2014, Bitbond raised €200,000 in seed funding round led by early-stage investment firm Point Nine Capital. This was followed by an angel funding round of €600,000 in 2015.

Bitbond collaborated with Kenya-based bitcoin payments startup BitPesa in March 2017 to improve access to financing for SMEs in Africa. The integration between Bitbond and BitPesa is now live in Kenya, Nigeria, Uganda and Tanzania.

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