BitPesa Secures Greycroft as Lead Investor in Follow-Up to Series A; Reaches $10 Million in Total Funding
BitPesa, the first and largest blockchain payments platform for Africa, with offices in Nairobi, Lagos, and London, today announced Greycroft as its lead investor in a follow-up to its Series A funding round. Oversubscribed -- with a majority of existing shareholders topping up and another new investor, Plug and Play -- the firm has raised $10 million to date, and will use the new funds to continue its expansion into Europe, the Middle East and Africa.
BitPesa’s 25% month-on-month growth for nearly two years demonstrates that its initial model of using bitcoin blockchain to lower the cost and increase the speed for payment processing to and from emerging markets works for businesses.
“We keep raising because we have grown above and beyond projections,” said Elizabeth Rossiello, founder and CEO. “We have expanded across Africa and Europe, added a stellar roster of Fortune 100 companies as clients and are receiving growing support from regulators.”
“Global companies trading in Africa see the immediate value and efficiency of using BitPesa, as they know the pain of using existing cross-border payment services in these markets,” added Rossiello.
Rosiello is a founding member of the World Economic Forum’s Future Council Blockchain Committee, which explores how blockchain could impact industry, governments and society in the future, and designs innovative governance models that ensure that their benefits are maximized and the associated risks kept under control. She also works with regulators and multinationals to develop compliance standards for payment companies using blockchain infrastructure.
BitPesa was the first company using bitcoin to receive an authorized payments license in the UK in 2015 from the Financial Conduct Authority (FCA). The 2017 statements from the FCA now show how supportive they are of companies using bitcoin and other Decentralized Ledger Technology (DLT) as long as the companies meet regulatory standards for compliance, which is an area BitPesa has invested in heavily.
“Bitcoin and cryptocurrency will play an important role in the payments and money transfer industries and even more so in the developing world for which BitPesa is ideally positioned,” said Alan Patricof, founder and Managing Director of Greycroft.
“BitPesa promises to revolutionize the exchange and payment markets in Africa, disrupting monopoly incumbents and opening the fastest growing economies in the world to foreign companies. We’re very excited for the team’s vision and current execution which bolsters payment avenues throughout the region,” said Scott Robinson, Vice President at Plug and Play.
BitPesa, which operates in various African countries such as Nigeria, Uganda, Tanzania and more, is quickly diversifying geographically. With five offices in two continents, the company is excited to partner with investors, like Plug and Play, who have opened a Paris office focused on FinTech with their new partner BNP Paribas.
“BitPesa now has its group headquarters in Luxembourg to focus on French speaking Europe and an office in Senegal to focus on francophone Africa so this is a very strategic partnership for us,” said Rossiello.
This past month the price of bitcoin soared due to deployment on August 1 of the SegWit infrastructure upgrade.
“The speed of bitcoin payments has increased and this move ensures that technology can continue to have an “industrial use,” underscoring how strongly people believe in it. We’re experiencing an exciting moment for the firm and for the industry,” Rossiello concluded.
BitPesa is an online payment platform that leverages Blockchain settlement to significantly lower the cost and increase the speed of business payments to, from and within sub-Saharan Africa. BitPesa's clients range from African businesses and multinational companies paying suppliers as far as China and Dubai to international remittance companies using our API services for white-label payments to dozens of bank networks and mobile money operators across Nigeria, Kenya, Uganda, Tanzania, Senegal, and the DRC.
BitPesa was launched on November 1, 2013 in Nairobi, Kenya, and also has offices in Lagos, London, Luxembourg and Dakar.
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world - New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeakha. For more information please visit http://www.greycroft.com.
About Plug and Play
Plug and Play is the leading global innovation platform, connecting, empowering, and investing in tomorrow’s innovators. Plug and Play brings together startups, growth-stage companies, investors, mentors, and Fortune 500 corporations in a world-class ecosystem. With a global presence in 22 offices, Plug and Play provides entrepreneurs the necessary resources to succeed in Silicon Valley and beyond. Plug and Play is one of the most active firms in the Silicon Valley making over 150 investments a year in leading companies including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit http://www.plugandplaytechcenter.com/.
Jessica Schaefer, 585-233-0321
Om Business Wire
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Integral Expands Cryptocurrency Market Data Services to Include 14 Cryptocurrencies and 16 Exchanges23.1.2018 22:00 | Pressemelding
Integral (www.integral.com), the financial technology partner trusted by leading banks, brokers, and investment managers to design, deliver and grow their FX businesses, announced today that it has expanded its market data offering for cryptocurrencies to include 14 major cryptocurrencies connecting to all major exchange sources across the U.S., Europe and Asia including Japan and Hong Kong. “An accurate, stable, and reliable reference price is a requirement for any market maker,” said Harpal Sandhu, CEO of Integral. “The Cryptocurrency Market Data Service connects to the most price sources and applies the most advanced price discovery algorithm available.” Integral has years of experience as a technology leader and innovator in foreign exchange and is now applying this ingenuity to the cryptocurrency market. The Market Data Service uses algorithms developed with Stanford University for Integral FX Benchmark to provide the most precise reference prices for cryptocurrencies. “Integral’s
Kimbal Riley to Become Vista Group CEO23.1.2018 21:57 | Pressemelding
Vista Group International (NZX & ASX: VGL) has today announced that Kimbal Riley will take over as Group CEO from Murray Holdaway. Mr Holdaway will take up the position of Chief Product Officer (CPO) for Vista Group, and will continue in his role as an Executive Director on the Vista Group board. This has taken place as part of a succession planning process and will deliver a seamless transition within the business. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180123006545/en/ Kimbal Riley becomes CEO of Vista Group International (Photo: Business Wire) Mr Riley has had an extensive career in senior executive roles in the IT and Services industries in New Zealand and overseas. He joined Vista Group four years ago, with the past two years as CEO of Vista Entertainment Solutions (VES), which is responsible for the largest proportion of the Group’s revenue. He has been focused on building scale in the business and under his lea
IFF Breaks Ground on Flavors/Fragrances Site in Sri City, India23.1.2018 17:00 | Pressemelding
Regulatory News: International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF), a leading innovator of sensory experiences that move the world, has broken ground on a new flavors and fragrances plant located in Sri City, in the State of Andhra Pradesh in India. Part of a larger investment into the Greater Asia region, the plant is expected to be commercialized in December 2019. The new facility, which will be the largest flavor and fragrance manufacturing facility in India and the largest IFF site in Greater Asia, occupies a 32-acre/130,000m2 plot and will serve IFF flavors and fragrances customers across India and the region. “In this economically vibrant country, it is critical that we invest to provide our customers with winning tastes and scents,” said IFF Chairman and CEO Andreas Fibig. “This new facility is fitted with capabilities tailored for our customers’ needs. Coupled with our excellent consumer insights teams and their deep understanding of the local markets, w
Global Eagle to Elevate Airline Passenger Experience Over North America with More SES HTS Satellite Capacity23.1.2018 14:33 | Pressemelding
Global Eagle Entertainment Inc. (NASDAQ: ENT) is aiming to provide airline passengers travelling across North America with a connected inflight experience far more like the one passengers enjoy on the ground, tripling the amount of high throughput satellite (HTS) capacity secured with SES Networks aboard the SES-15 satellite. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180123005989/en/ Global Eagle to Elevate Airline Passenger Experience Over North America with More SES HTS Satellite Capacity (Photo: Business Wire) SES announced today that Global Eagle has secured a major increase of Ku-band capacity on its new hybrid SES-15 HTS satellite to enable the delivery of high-speed broadband and a wide range of inflight communications and operational applications aboard commercial airline flights throughout the US, including the increasingly important US mainland to Hawaii routes. The multi-year agreement is the latest contract t
Optiv Security Names Simon Church as General Manager and Executive Vice President, Europe; Accelerates International Growth Strategy with Expansion in Europe23.1.2018 14:05 | Pressemelding
Optiv Security, a market-leading provider of end-to-end cyber security solutions, today announced it is continuing to accelerate its international growth strategy by naming Simon Church as general manager and executive vice president, Europe. In his newly created role, Church will establish and grow Optiv’s presence in Europe, enabling the company to serve locally-based organizations and global clients with expanded skills, knowledge and presence. Optiv serves more than 60% of the Fortune 1000, and this appointment will increase its ability to provide US and international clients with worldwide expertise and experience, assisting them in reducing the complexity of their cyber security programs while maximizing the efficacy and value of their security investments. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180123005315/en/ Optiv Security Names Simon Church as General Manager and Executive Vice President, Europe; Accelerate
LEGO® Education Launches New Maker Activities for Schools23.1.2018 14:00 | Pressemelding
LEGO® Education Maker, a continuum of activities for early learning through middle school, is available today to schools around the world. The activities are centered around the iconic LEGO brick and inspired by the open-ended, playful creativity of making. The new, free LEGO Education Maker activities include stimulating challenges for every student at every education level and incorporate LEGO Education solutions including LEGO Education STEAM Park, LEGO Education Simple Machines, LEGO Education WeDo 2.0, LEGO® MINDSTORMS® Education EV3 and LEGO Education Simple and Powered Machines. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180123005927/en/ LEGO® Education Launches New Maker Activities for Schools (Photo: Business Wire) New LEGO Education Maker activities provide unlimited learning for all ages The new LEGO Education Maker activities place educators in the role of facilitators, as they guide their students through a s
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom