Bitcoin Payments Startup BitPesa Raises $2.5 Million

Bitcoin payments startup BitPesa has raised $2.5m in a new Series A funding round.

The round was led by Draper VC, and included support from Greycroft Partners, Blockchain Capital, BnkToTheFuture, Digital Currency Group, Pantera Capital Future\Perfect Ventures and Zephyr Acorn. Of those, Greycroft is a new investor in the startup.

The announcement comes just under two years after BitPesa, which operates in markets like Nigeria, Kenya and Uganda, among others, raised $1.1m in a round led by Pantera Capital. Last year, BitPesa received an investment from The BitFury Group.

Plans for the year ahead include continuing to focus on customer growth and outreach, with a focus on Nigeria, the startup’s largest market.

Founder and CEO Elizabeth Rossiello said in a statement:

“We are well on our way to achieving our goal of becoming the largest licensed payment company in the UK, Europe and Africa that offers real-time settlement at wholesale FX rates to frontier and emerging markets, with best in class compliance and customer service.”

In statements, those backing the firm, including existing investor Tim Draper, highlighted BitPesa’s local approach to growth.

“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,” Draper said.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitPesa.

Image via BitPesa