BitPesa, the pan-African bitcoin payments startup, has closed a $2.5 million Series A round from several high-profile venture investors led by Draper VC, Tim Draper’s Silicon Valley firm. Other members of the consortium include Greycroft Partners, making its first investment in BitPesa and existing investors including Digital Currency Group, Pantera Capital Management, Blockchain Capital, Zephyr Acorn, Future\Perfect Ventures, Colle Capital and BnkToTheFuture.
Having launched in 2013, the company has now raised some $6 million. Today, BitPesa has served over 9,000 users, executing more than 34,000 transactions for individual and business customers who send and receive payments through BitPesa’s integration with over 30 currencies.
The new funds will be used to support the company’s goal of becoming the largest licensed payment company in the UK, Europe and Africa that offers real-time settlement at wholesale FC rates to frontier and emerging markets.
“BitPesa is well positioned to dominate the huge market opportunity for digital payments across Africa and beyond.” Tim Draper was quoted as saying. “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.