It’s another shake-up for the finance industry as Montreal-based bitcoin (BTC) startup Shakepay has raised $35 million from investors. New funding from US venture capital firm QED Investors values the company at $251 million.
Founded in 2015, Shakepay allows Canadians to buy and sell BTC and pay their friends. It also supports buying Ether (ETH).
The startup aims to use the funds to consolidate growth, focus on bringing additional products such as the recently launched Visa Shakepay prepaid card to market, and expand the team.
Speaking to Cointelegraph, ShakePay CEO Jean Amiouny said:
Shakepay has seen increased demand for bitcoin adoption and we are really excited about this increase to be able to offer more bitcoin products to our fellow Canadians. »
The funding supports a series of encouraging statistics for 2021. The company surpassed $6 billion in total volume, reaching more than 900,000 customers last year.
According to the Shakepay blog, the company reached 1% of the Canadian population, or 380,000 people, in March of last year and 2% of the population in November. The company grew its user base by 381% in 2021.
Canada is becoming increasingly pro-Bitcoin. A recent poll showed that 62% of Canadians want to be paid in crypto by 2027, while a Bitcoin ETF was launched in Canada late last year.
For Shakepay, it’s about embracing retail, as the group seeks to “make it easier for Canadians to buy and earn the strongest money there has ever been: Bitcoin.”
Related: Canadian restaurant chain reports making 300% gains on BTC investment to weather pandemic
Jean Amiouny illustrated the company’s vision in the official announcement:
With our Series A funding, Shakepay is delighted to welcome QED investors, who have deep experience in the fintech industry, and who will support the continued growth of Shakepay’s vision to be a leader in financial apps that help Canadians achieve financial wealth by investing in bitcoins.