Canadian Bitcoin Firm Shakepay Gets $35M In Series A Funding

It seems to be another shake-up for the finance sector as Montreal-based Bitcoin startup Shakepay raised around $35 million ($44 million CAD) from investors. The new funding from the United States-based venture capital company QED Investors values the firm at $251 million.

Launched in 2015, Shakepay enables Canadians to purchase and sell bitcoin (BTC) and also pay their friends. The startup strives to use the funds to consolidate some growth and then focus on bringing on extra products to market like the recently launched Shakepay Visa Prepaid Card and then expand the team.

ShakePay CEO Jean Amiouny said exclusively:

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

The money supports a swathe of encouraging statistics for 2021. This firm exceeded $6 billion in total volume reaching over 900,000 clients in 2021. Based on the Shakepay blog, the firm reached 1% of Canada’s population, or 380,000 people, in March 2021 and 2% of the population in November 2021. The firm increased its user base by 381% in 2021.

Canada is majorly becoming pro-Bitcoin. Recent research indicated that 62% of Canadians would prefer to get paid in cryptocurrency by 2027, while a Bitcoin ETF launched in the country in late 2021. For Shakepay, it is all about retail adoption, as the group aims to make “it easy for Canadians to buy and earn the soundest money to ever exist: Bitcoin.”

Jean Amiouny said that the firm’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.”