Blockchain-based payments provider BitPay has increased its Series B round by an extra $40m.
The investment, which brings the round total to $70m, received contributions from venture firms including Menlo Ventures, Capital Nine, G Squared, Nimble Ventures and Delta-v Capital. Alongside this were commitments from individual investors Christopher Klauss Family Office, Internet Security Systems founder, and Tencent co-founder Alvin Liu.
Late last year, the company raised the initial $30m to its Series B round led by Aquiline Capital Partners, who has extended its investment total in BitPay.
BitPay is a secure blockchain payment acceptance, savings and spending platform for both businesses and individuals. The platform allows users to create their own bitcoin wallet and exchange dollars for the tokens.
The company, which has offices in North America, Europe, and South America, recently hit $3bn in monthly user payments. Last year, the company made moves into new markets including cross-border supply chain payments.
Some of the company’s clients include Microsoft, Newegg, Namecheap, Gyft, Takeaway, and Virgin Galactic. BitPay is partnered with 30 e-commerce and POS integrators to further support the adoption of bitcoin.
With this new batch of funding, BitPay is hoping to hire members to its engineering team, and push for regulatory licensing. Equity will also be used to support expansion in to emerging markets across Asia.
Menlo Ventures partner Tyler Sosin said, “We gravitated towards BitPay because we felt the company had identified a killer use for crypto in facilitating low cost payment solutions for cross-border commerce and B2B payments, which is a massive market poorly served by the existing payment rails.
“We are impressed with the company’s execution—it has demonstrated extremely efficient growth and a stickiness with merchants and consumers that is the hallmark of many great payment service providers.â€
The company previously raised $30m in its Series A round in 2014, with investments coming from Index Ventures, Founders Fund, Felicis Ventures, RRE Ventures and Sir Richard Branson.
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