Coinify raises $4.8m in round led by Nordic Eye

Blockchain payments service platform Coinify has raised $4.8m in its latest funding round, which was led by Nordic Eye Venture Capital.

Nordic Eye contributed $1.4m to the funding round, while SEB Venture Capital and SEED Capital Denmark also participated in the investment.

Denmark-based Coinify is a virtual currency platform which enables virtual currency trading and payments for consumers, merchants and institutions. Founded in 2014, the company accepts blockchain payments on behalf of merchants, with currently 16 digital currencies available, and enables them to receive local currency payments.

This new capital injection will be used by the company to scale the business across new regions, at a quicker pace than initially expected. Coinify is using this capital to bridge the gap until it raises its Series B round, which is planned for later this year.

Nordic Eye Venture Capital managing partner Richard Sussman said, “Coinify’s unique payment service platform offers turnkey and convenient payments access, secure transfer technology and much-needed blockchain-based security for diversified cryptocurrency holders.”

This investment brings the company’s total funding efforts to $8.8m, with Coinify netting $4m in its Series A round in 2016. The previous investment was led by SEB Venture Capital and SEED Capital Denmark.

Last week, Denmark-based Cardlay also received an investment from SEB Venture Capital and SEED Capital Denmark, picking up $5m. The company provides commercial banks with a card and expense management platform to give real-time expense reconciliation.

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