Jeremy Allaire has announced a new startup - Circle Internet Financial - that "will seek to drive mainstream adoption of digital currency such as Bitcoin by bringing payment acceptance tools to merchants, and easy to use services to consumers." The company has raised a $9 million Series A from Jim Breyer, Accel Partners and General Catalyst Partners.
Jim Breyer will join the Board of Directors of Circle, as will David Orfao of General Catalyst Partners. Jim Breyer, Accel and General Catalyst were investors in Allaire’s previous company, Brightcove, the industry-leading online video platform which had a successful IPO in 2012, and where Jeremy still serves as the company’s Chairman. Allaire also was a co-founder of Allaire Corp., whose ColdFusion product pioneered the Web application development market and led to a successful IPO in 1999. Allaire Corp was then acquired by Macromedia in 2001, where Allaire became CTO, and helped spearhead the strategy to create an application platform built around Flash.
Bitcoin and digital currency represent a once-in-a-lifetime opportunity to shape the future of the Internet and global commerce,” said Jeremy Allaire, founder and chief executive officer of Circle Internet Financial, Inc.Circle launches amid surging interest in the promise of new global digital currencies such as Bitcoin, which can enable nearly instant payments and money transfers globally at almost no cost and with greater security and privacy than existing electronic payment methods. Like prior Internet-led disruptions of the media, communications and retail industries, Bitcoin’s disruption of payments and finance builds on open source and open standards to create resilient technology platforms that innovators can build upon.
“There’s a tremendous opportunity to make payments easier, more secure and less costly for consumers and businesses. Digital currency can dramatically reduce the friction and costs currently experienced in the world by merchants and consumers.”
It is rare to find a world-class entrepreneur embarking on a path to bring innovation to the global financial marketplace”, said Jim Breyer, Partner, Accel Partners. “The dramatic global growth in mobile, social and online commerce is creating the need and potential for a real global digital currency. With Jeremy’s vision for Circle and track record as an Internet pioneer, the opportunity here is to build potentially build a significant global company. I’m very pleased to be working with Jeremy again.”Circle is regulated by the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of Treasury, as a money transmitter and is seeking appropriate state licenses. Circle also recently hired John Beccia as General Counsel and Chief Compliance Officer. Beccia, former Chief Regulatory Counsel for the Financial Services Roundtable in Washington, D.C. brings decades of operating experience in banking, compliance and risk management. Circle is committed to working with key government agencies and policymakers worldwide.