New Zealand-based Easy Crypto raised $ 11.75 million ($ 17 million) in Series A as the company looks forward to a potential IPO in the future.

The round was led by the venture fund Nuance Connected Capital. According to Easy Crypto’s announcement on October 6, it appears that the amount of NZ $ 17 million has “set a new NZ record” for the largest Series A financing from a local company.

The financing round is an important milestone for the company. Co-founder and CEO Janine Granger Ha talked about how difficult it was to mobilize investments in the early stages of the company due to the work in the “edge” crypto sector.

The funds will be used to accelerate growth by developing products and technologies, investing in talent and expanding into new markets in Indonesia and the Philippines to serve subbank.

The round exceeded the bid by 50% and was attended by many local and international companies, including supplier KiwiSaver, Pathfinder, Icehouse Ventures, Even Capital, GDP Venture (Indonesia), Hutt Capital (USA) and Seven Peaks Ventures (USA). ..

Easy Crypto was founded by brothers Janine and Alan Grangers in 2017, and has so far generated $ 760 million ($ 1.1 billion) in sales from over 150,000 customers in New Zealand, Australia, South Africa and Brazil. The platform offers services for buying and selling 151 digital assets and also sells a number of hardware wallets from Trezor and Ledger.

According to Tech Crunch, which has not yet listed the latest Easy Crypto funding round, the previous largest Series A funding rounds in New Zealand were conducted by analyst firm Joyous and blockchain-driven FinTec service provider TradeWindow, both of which raised $ 10.3 million ( New Zealand). $ 15 million) For both of them. New Zealand-based artificial intelligence (AI) company Vital raised the largest amount internationally in a $ 15 million ($ 21.6 million) Series A funding round in the United States last month.

Janine Granger, co-founder and CEO of Easy Crypto, spoke with the New Zealand Herald on October 6 and said that the company plans to use the funds to scale its foreign operations, and target new markets in Southeast Asia such as Indonesia and the Persian Gulf. states. Filipino:

“The reason we are targeting these markets is because there are a large number of people who are out of banking or do not have enough banking and do not have the same access to financial products as you and me.”
Granger also said that the company is considering a first public offer.

“We are still working on what it will look like and what plans we have for the future, but it is very likely that we will consider a first public offer,” she said.

The CEO said that Easy Crypto generated $ 3.46 million ($ 5 million) in revenue in the previous fiscal year and plans to more than double that amount this fiscal year.

According to the company, the customer base has grown “almost fivefold in the last 12 months.” Granger told the NZ Herald that the company’s path to success was difficult as it took 13 months to get its first dollar of investment before it could raise $ 11.75 million in three weeks in 2021.

“Cryptocurrency is considered somewhat marginal and somewhat volatile, and I think it took some time to find investors who could have this strategic and forward-looking vision to be able to decide what we do,” she said.

Source: CoinTelegraph