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Bitcoin startup BitPesa raises $2.5m in Series A round
BitPesa, a Kenya-based bitcoin payments startup, has raised $2.5 million in a new Series A round led by Draper VC, and drawing support from Greycroft Partners, Blockchain Capital, BnkToTheFuture, Digital Currency Group, Pantera Capital Future\Perfect Ventures and Zephyr Acorn, CoinDesk reported.
“It takes a locally-based team to work in the evolving landscape of frontier market financial services, and BitPesa's approach to investing in teams, infrastructure, and compliance from Lagos to London gives them a strong advantage,” Tim Draper said.
Founded in 2013, Bitpesa expanded operations to Uganda, Tanzania and Nigeria in 2015. In October 2016, the company facilitated faster, more cost-effective way to send or receive payments between Africa and China by enabling businesses to send instant payments in local currency directly from African bank accounts to Chinese bank accounts.
BitPesa raised $1.1 million in a round led by Pantera Capital in 2015. In addition, it also received an investment from The BitFury Group last year.
According to CoinDesk, BitPesa plans on focusing on customer growth and outreach this year, with particular focus on Nigeria, the company’s largest market.
“We are well on our way to achieving our goal of becoming the largest licensed payment company in the UK, Europe and Africa that offers real-time settlement at wholesale FX rates to frontier and emerging markets, with best in class compliance and customer service”, BitPesa founder and CEO Elizabeth Rossiello said.