BitPesa Raises $1.1 Million in Second Round of Funding

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BitPesa Raises $1.1 Million in Second Round of Funding

In the season when a large number of Bitcoin startups are going for fund raising successfully, BitPesa too has added its name. The Nairobi-based startup says that it has raised $1.1 million in a second round of funding led by San Francisco-based Pantera Capital. The company says that it aims at the global remittance business.

Talking to media professionals Dan Morehead, Pantera’s CEO and founder who joined the startup’s board of directors said that it’s great development for the company as it will help it further the expansion. Some other investors included Crypto Currency Partners, Stephens Investment Management, Bitcoin Opportunity Corp., and Future/Perfect Ventures.

Nonetheless, as a source from the company says that it not just celebrated its one-year anniversary but also raised a total of $1.7 million. Elizabeth Rossiello, BitPesa’s CEO and co-founder, says that her company has learned a lot as it is growing. She further added that the company now has a staff of nine full-time employees.

She says that as the company has expanded its services beyond the remittance business it is willing to expand further for the convenience of customers. According to her the company is surprised about how many people are excited about it. Nonetheless, as there is huge prospect for remittance market in African continent, the company is willing to cash in it.

ForexMinute had earlier reported that BitPesa launched its remittance business last spring, beginning with only the U.K.-Kenya “corridor,” and expanding out from there to cater the requirements from the people who are living outside the continent. Also, operating in Ghana, the company plans to start offering its services in Tanzania and Uganda in the first quarter.

The Company Exploring the New Avenues

Elizabeth Rossiello says that this whole year has been a really big learning curve for the company. She informs that the firm now offers a brokerage service, buying and selling Bitcoin on behalf of customers, and discovered that its remittance service is collared to some extent by how easy or hard, how cheap or expense, it is for expats to buy Bitcoin in their host countries.

According to Ms. Rossiello Canada has become a big market for the company as buying Bitcoin there is easy. She further adds that conversely, the UK has been more difficult. The policies in each country according to her give the company a hint about where to move next. It favors the locations that are favorable to Bitcoin and don’t have too many regulations.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com