Kenya-based payments startup BitPesa has closed a US$2.5 million series A funding round led by Draper VC, with plans to expand its services to more countries in West and Southern Africa, as well as in Europe.
BitPesa currently operates in Nigeria, Kenya, Tanzania, Uganda, the DRC, the UK and Senegal, where it provides business customers who want to send payments internationally using bitcoin, having pivoted from enabling customers to make small mobile payments.
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. Elizabeth Rossiello, BItPesa Founder and CEO
With this new funding, the company says on its blog that they will focus on becoming the largest licensed payment company in the UK, Europe and Africa, offering real-time settlement at wholesale currency exchange rates to frontier and emerging markets.
The round was supported by Greycroft Partners, Blockchain Capital, BnkToTheFuture, Digital Currency Group, Pantera Capital Future\Perfect Ventures and Zephyr Acorn.
The announcement comes ten months after BitPesa received an undisclosed amount from blockchain infrastructure provider BitFury, and two years after receiving US$1.1m in a round led by Pantera Capital.
"It takes a locally-based team to work in the evolving landscape of frontier market financial services", Tim Draper of Draper VC said in a statement, "and BitPesa's approach to investing in teams, infrastructure, and compliance from Lagos to London gives them a strong advantage."