Canadian Bitcoin platform Shakepay raises $35M in Series A funding

Bitcoin startup Shakepay raised $35 million ($44 million CAD) in Series A funding round, valuing the company at $251 million.

It’s another shake-up for the finance industry as Montreal-based Bitcoin (BTC) startup Shakepay raised $35 million from investors. The fresh funding from the United States-based 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 the purchase of Ether (ETH).

The startup aims to use the funds to consolidate growth, focus on bringing on additional products to market such as the recently launched Shakepay Visa Prepaid Card, and expand the team.

Speaking to Cointelegraph, ShakePay CEO Jean Amiouny said:

Shakepay’s seen demand boom for adopting Bitcoin and we’re really excited about this raise to be able to offer more Bitcoin products to our fellow Canadians.”

The funding supports a swathe of encouraging stats 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 Canada’s population, or 380,000 people, in March last year and 2% of the population in November. The company grew its userbase by 381% in 2021.

Canada is increasingly becoming pro-Bitcoin. A recent survey showed that 62% of Canadians want to get paid in crypto by 2027, while a Bitcoin ETF launched in Canada late last year. 

For Shakepay, it’s all about retail adoption, as the group seeks to make “it easy for Canadians to buy and earn the soundest money to ever exist: Bitcoin.”

Related: Canadian restaurant chain reports earning 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 excited to welcome QED Investors, who have deep experience in the financial technology industry, and who will support the continued growth of Shakepay’s vision to be a leader in financial applications that help Canadians achieve financial wealth through investing in bitcoin.”