# Bitpay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bitpay

- Industry: Financial Services
- Headquarters: Atlanta, US
- Website: www.bitpay.com/
- Total disclosed funding: $73M
- Latest round: Series B (Feb 21, 2018)
- Investors on record: 15

## About

BitPay, Inc. is a US-based cryptocurrency payment service provider that enables businesses and consumers to accept, buy, and spend digital currencies like Bitcoin and Ethereum through its comprehensive platform.Founded in 2011 in Atlanta, US, BitPay, Inc. operates as a cryptocurrency payment service provider. The company has received multiple rounds of funding, with the most recent being a Series B round in February 2018, raising USD 23.58 mn led by Aquiline Capital Partners. The company's founders include Antonio Gallippi, Stephen Pair, and Tony Gallippi, with Stephen Pair currently serving as CEO.BitPay operates as a comprehensive cryptocurrency payment platform designed to facilitate the buying, selling, and spending of digital assets. The company's core offerings include a multi-functional cryptocurrency wallet, the HODL Pay feature—which allows users to access spending power without liquidating their assets—and a platform that supports transactions in various cryptocurrencies, including Bitcoin and Ethereum, among others. With over one million wallets created, BitPay serves a diverse clientele that includes individual consumers, businesses, and developers, enabling them to manage multiple wallets across top blockchain networks. The app also allows users to buy gift cards, pay bills—from mortgages to credit cards—and exchange thousands of crypto pairs swiftly. BitPay’s services are available in multiple geographical markets, including North America, Europe, and select countries in Asia, providing significant reach to both individual and business clients.BitPay generates revenue primarily through transaction fees associated with its cryptocurrency payment services. When customers utilize the platform to purchase or exchange cryptocurrencies, they engage in transactions that incur a fee, which forms a significant part of the company’s income structure. This transactional model caters to both business-to-business (B2B) and direct-to-consumer markets, with businesses leveraging BitPay's services to accept crypto payments or convert assets, while individual users can directly buy and spend cryptocurrencies. The platform features various pricing plans tied to transaction volumes and the use of flagship services like HODL Pay, which enhances user engagement without necessitating the sale of crypto assets. These service offerings are designed to provide transparent pricing and flexible options for a wide array of users, contributing to a robust revenue framework.BitPay is focused on developing new products and expanding its offerings to enhance user experience. The company plans to launch additional features for its platform, although specific release dates have not been detailed. Moreover, BitPay aims to expand into new markets, specifically targeting additional regions in Europe and Asia by the end of 2023. The recent Series B funding round of USD 23.58 mn, finalized in February 2018, will support these initiatives, allowing for investments in technology and market outreach to facilitate its growth strategy.

## Funding rounds

- Series B, Feb 21, 2018, $24M — Menlo Ventures, Aquiline Capital Partners, Delta-v Capital, G Squared, Nimble Ventures, Capital Nine
- Series B, Nov 28, 2017, $16M — Aquiline Capital Partners
- Series A, May 7, 2014, $30M — Index Ventures, RRE Ventures, Founders Fund, TTV Capital, Felicis Ventures, Horizons Ventures, AME Cloud Ventures, Alajlan Family Office
- Seed, May 13, 2013, $2.7M — Founders Fund
- Seed, Feb 5, 2013 — Sound Ventures

## Investors

- Sound Ventures (https://capitalatlas.ai/funds/sound-ventures) — Seed
- Founders Fund (https://capitalatlas.ai/funds/founders-fund) — Seed, Series A
- Index Ventures (https://capitalatlas.ai/funds/index-ventures) — Series A
- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Series A
- TTV Capital (https://capitalatlas.ai/funds/ttv-capital) — Series A
- Felicis Ventures (https://capitalatlas.ai/funds/felicis-ventures) — Series A
- Horizons Ventures — Series A
- AME Cloud Ventures (https://capitalatlas.ai/funds/ame-cloud-ventures) — Series A
- Alajlan Family Office — Series A
- Aquiline Capital Partners (https://capitalatlas.ai/funds/aquiline-capital-partners) — Series B
- Menlo Ventures (https://capitalatlas.ai/funds/menlo-ventures) — Series B
- Delta-v Capital (https://capitalatlas.ai/funds/delta-v-capital) — Series B
- G Squared (https://capitalatlas.ai/funds/g-squared) — Series B
- Nimble Ventures (https://capitalatlas.ai/funds/nimble-ventures) — Series B
- Capital Nine — Series B