BitPay lands $40m in Series B extension

BitPay lands $40m in Series B extension

Blockchain payments venture, BitPay, has closed a $40 million Series B funding round, bringing its total raised capital to over $70 million.

The company, which processes Bitcoin and Bitcoin Cash payments for merchants, has signed up the likes of Microsoft, Newegg, Namecheap, Gyft, Takeaway and Virgin Galactic and works with over 30 e-commerce and PoS integrators. New investors include Menlo Ventures, Capital Nine, G Squared, Nimble Ventures (an affiliate of Passport Capital) and Delta-v Capital as well as individual investments from Christopher Klauss Family Office, Founder of Internet Security Systems (ISS), and Alvin Liu, Co-founder of Tencent. Aquiline Capital Partners led the initial Series B round but extended it due to increased demand.

"We had a record 2017 as we processed over $1 billion in Bitcoin payments. We brought on these new investors who can help us scale globally to meet customer demand," says Stephen Pair, BitPay CEO. "Our goals include key hires in engineering and regulatory licensing, as well as expansion into emerging markets in Asia, one of our fastest-growing regions for transactions and wallet adoption."

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