Startimes

Kenya’s startup BitPesa raises $2.5 million in funding

Written by
BitPesa
  • 7 months ago
  • Posted: January 31, 2017 at 10:00 am

Kenyan digital currency payments startup BitPesa has raised $2.5 million in a new Series A funding round. The startup said the focus of this funding round is to enable further expansion across West and Southern Africa, as well as upping its operations in Europe. This brings BitPesa’s total equity funding raised to date to nearly $4.25 million in under four years since its launch. The amount could be more due to the undisclosed investment received from The BitFury Group back in February 2016.

“We are well on our way to achieving our goal of becoming the largest licenced 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.”

-Elizabeth Rossiello, CEO of BitPesa

The round was led by US-based Draper VC, with participation from new investor Greycroft LLC, and existing investors Digital Currency Group, BnkToTheFuture, Blockchain Capital, Future\Perfect Ventures, Zephyr Acorn and Pantera Capital Management.

“BitPesa is well positioned to dominate the huge market opportunity for digital payments across Africa and beyond. 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, founder of Draper VC

BitPesa was launched on 1st November, 2013 in Nairobi, Kenya where its headquarters are situated. Other offices are situated in London and Lagos. Nigeria is currently the startup’s largest market.

BiPesa is a payments platform that offer an easy way for individuals and businesses to make payments to and from sab-Saharan Africa. The startup accepts bitcoin payments and provides its users with local currencies in return, which it then deposits into bank accounts or mobile money wallets. The digital currency payments platform also engages in selling Bitcoin in Kenya, Nigeria and Uganda.

What is your opinion on the topic?
Mr. Felix
A Math Nerd and a Computer Geek. Currently a Windows 10 Insider. Interested in AI, big data and AR/VR. Takes a keen interest in developments in the tech, business and social media spheres.
Article Tags:
·
Article Categories:
STARTUPS