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Bitcoin startup BitPay announces $30M Series B funding

Leading bitcoin payments processor BitPay has announced 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.

The latest round follows a Series A round in which BitPay raised $30 million in 2014. The company plans to use the latest funding for strategic steps toward solving payments-related problems, having already made inroads this year into cross-border supply chain payments and other payments underserved by traditional credit card and banking infrastructure.

"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. Continually improving our customers' experience with BitPay is a priority for us as we plan our next steps for product development."

ATG is a fund managed by Aquiline Capital Partners, a New York-based 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.

“BitPay plays an important role in the crypto-currency ecosystem by helping consumers, businesses and other financial institutions seamlessly accept and transfer Bitcoin for goods and services in the real world,” stated Max Chee, Head of Aquiline Technology Growth. “We have been very impressed with BitPay's financial performance, including 700% top-line growth, and look forward to supporting its ambitious plans in the sector.”

BitPay further outlines its goals for 2018 post-raise, which includes key engineering hires, regulatory licensing, technology acquisitions, and expansion into emerging markets in Asia.

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December 15 21:00 UTC Released

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