BitPay has announced a Series A funding round of $30M (€22M), led by Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson, and AME Cloud Ventures.
With total accumulated investment reaching $32.7M, BitPay says it has now raised more venture funding than any other bitcoin startup. This fundraising round includes venture capital from London, Geneva, New York, San Francisco and Hong Kong. Jan Hammer from Index Ventures will be joining BitPay’s Board of Directors, along with Mr. Jimmy Furland who represents the original investor group.
BitPay notes that it processes $1 million per day in bitcoin payments for over 30,000 merchants, 50% of whom are in the U.S., with 30% in Europe and 20% across the rest of the world. Its customers include WordPress, TigerDirect, and Shopify. In addition to BitPay’s core merchant acquiring products, the company is also developing open source projects around Bitcoin such as Bitcore, Insight, and Copay.
Bitcoin is a borderless and frictionless payment system, which is nearing a tipping-point moment in terms of merchant adoption,” said BitPay co-founder Tony Gallippi.
“Unlike existing payment technologies such as credit cards, with their high fees and risk of fraud and chargebacks, Bitcoin was designed for the Internet age, offering companies a lower-cost, lower-risk alternative.”
BitPay also announced that Stephen Pair has also moved to the position of CEO and Mr. Tony Gallippi is now Executive Chairman.