It’s yet another shock for the financial industry as Montreal-based startup Shakepay has raised $35 million from investors. Recent funding from US venture capital firm QED Investors values the company at $251 million.
Shakepay was founded in 2015 and allows Canadians to buy and sell BTC and pay their friends. It also supports the purchase of Ether (ETH).
The startup aims to use the funds to drive growth, focus on bringing additional products to market, such as the recently launched Shakepay Visa prepaid card, and expand the team.
In an interview with Cointelegraph, ShakePay CEO Jean Amiouni said:
“Shakepays has seen a boom in demand for bitcoin and we are very excited about this increase in our ability to offer more bitcoin products to other Canadians.”
The funding supports a number of encouraging statistics for 2021. The company’s total size exceeded $6 billion and attracted more than 900,000 customers last year.
According to the Shakepay blog, the company reached 1% of Canada’s population, or 380,000 people, in March last year and 2% of the population in November. In 2021, the company increased its user base by 381%.
Canada is becoming more supportive of Bitcoin. A recent survey showed that 62% of Canadians want to be paid in crypto by 2027, and Canada launched a Bitcoin ETF late last year.
For Shakepay, it’s all about taking the details as the group aims to “make it easier for Canadians to buy and make the smartest money that has ever existed: Bitcoin.”
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Jean Amoni explained the company’s vision in an official announcement:
With our Series A funding, Shakepay is pleased to welcome QED investors with a strong background in the fintech industry who will support the continued growth of Shakepay’s vision as a leader in financial applications that help Canadians achieve financial wealth by investing in Bitcoin. “