Share this article
Bitpay Raises $40 Million in Series B Round
Bitpay has raised $40 million in a traditional funding round led by Aquiline Technology Growth.
Updated Sep 13, 2021, 7:46 a.m. Published Apr 2, 2018, 6:45 p.m.
Blockchain payments startup Bitpay has successfully raised $40 million in a Series B round with participation by venture capital firms Menlo Ventures and Aquiline Technology Growth.
Bitpay, which processes bitcoin and bitcoin cash payments for merchants, announced that it had launched a $30 million Series B funding round last December, but decided to expand the round before it had concluded. ATG led the round, which expanded to $40 million due to "high demand," Bitpay CEO Stephen Pair told digital news organization Recode on Monday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Tyler Sosin, a partner who is spearheading Menlo's crypto work, told Recode that the firm has been considering investments in various blockchain startups for the past 18 months, but was dissatisfied with its options until it found Bitpay. He did not disclose the sum Menlo contributed to the round.
Sosin said Menlo anticipates that the blockchain will be an essential part of future payment technologies, though the firm has not purchased any cryptocurrencies outright or participated in an initial coin offering (ICO).
According to Sosin, the firm decided to invest in Bitpay because as a payment platform, it would not require them to wager on the success of a particular cryptocurrency.
Bitpay may not be Menlo's only foray into the crypto industry. Sosin suggested that the firm, whose portfolio also includes investments in Uber, Tumblr and Roku, intends to increase its presence in the space, saying "it's early, early days. We imagine there will be some very big companies."
Bitpay indicated in December that it intends to use the Series B funds to expand its operations in Asia, in addition to allocating funds to new engineering hires, regulatory licensing and technology acquisitions. At that time, it also claimed to have processed nearly $2 billion in annualized payment volumes.
Bitpay image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
KindlyMD faces Nasdaq delisting risk after failing to meet minimum share price levels
The health-care and bitcoin treasury firm has six months to lift its share price above $1 for 10 consecutive days.
What to know:
- The Nasdaq exchange told KindlyMD (NAKA) that it faces being delisted after its share price dropped below $1 for 30 consecutive business days.
- The health-care company that is building a bitcoin treasury has until June 8 to regain compliance, which requires the stock to close at or above $1 for at least 10 consecutive business days.
- The shares first fell below $1 in late October, and closed Monday at $0.38.
