Bitcoin startup Shakepay has raised $35 million (C$44 million) in a Series A funding round, valuing the company at $251 million.
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It was another shakeup for the financial industry as Montreal-based Bitcoin (BTC) startup Shakepay raised $35 million from investors. New funding from US-based venture capital firm QED Investors values the company at $251 million.
Founded in 2015, Shakepay allows Canadians to buy and sell BTC and pay their friends. It also supports buying Ether (ETH).
The startup aims to use the funds to underpin growth, focusing on bringing additional products to market like the recently launched Shakepay Visa Prepaid Card and expanding its team.
Speaking to Cointelegraph, ShakePay CEO Jean Amiouny said:
Shakepay has seen an explosion in demand for Bitcoin adoption and we are really excited about this price increase to be able to offer more Bitcoin products to our fellow Canadians. “
This funding supports a host of encouraging statistics for 2021. The company surpassed $6 billion in total volume reaching more than 900,000 customers last year.
According to Shakepay Blog, the company reached 1% of Canada’s population, or 380,000 people, last March and 2% of the population in November. The company has increased its user base to 381% by 2021.
Canada is becoming increasingly pro-Bitcoin. A recent survey found that 62% of Canadians want to be paid in crypto by 2027, while a Bitcoin ETF launched in Canada late last year.
For Shakepay, it’s all about retail adoption, as the team seeks to make it “easy for Canadians to buy and earn the best currency that has ever existed: Bitcoin.”
Related: Canadian restaurant chain reports 300% return on BTC investment over weather pandemic
Jean Amiouny illustrated the company’s vision in the official announcement:
With our Collection A funding, Shakepay is delighted to welcome QED Investors who have deep experience in the financial technology industry and will support the continued growth of Shakepay’s vision of becoming A leader in financial applications helping Canadians achieve financial wealth through investing in bitcoin. ”