Bottlepay, a Bitcoin-based global payments app, has secured £11 million in a seed funding. The round was led by a range of investors including British fund manager Alan Howard, present and former Goldman Sachs partners, FinTech Collective, NYDIG, and tech entrepreneur Phil Doye.
The funding will be used to expand the team and develop the platform’s functionality and geographical reach.
Facilitates instant payments
Founded by Pete Cheyne and Peter O’Donoghue, Bottlepay facilitates instant payments, including micropayments, in conventional currencies and Bitcoin.
The UK company’s open payment network aims to transform the digital economy by making digital micropayments and cross-border transactions viable by reducing excessive fees.
Seamless social payments
Furthermore, Bottlepay’s new app also enables seamless social payments with a single tweet, message, or social media post on platforms such as Twitter, Reddit, and Discord.
Bottlepay users can buy, store, send and withdraw Bitcoin with a single slide, unlike other digital payment platforms like PayPal and Revolut. Their users cannot currently spend or withdraw their Bitcoin.
Built on Bitcoin protocols, the system gives consumers and retailers access to a new global market, including 65 million Bitcoin owners.
Products that are instantly delivered can be sold without being subject to uneconomic fixed minimum fees, regardless of how small the transaction might be.
Mark Webster, Chief Executive Officer of Bottlepay, said: “Raising £11 million and reaching a post-money valuation of £51 million is a testament to the scale of Bottlepay’s ambition, and an illustration of the effort and resources invested to build and design a revolutionary payments infrastructure of this magnitude.”
“The payments ecosystem is undergoing monumental changes as we move towards a cashless society. Today’s consumer wants to be able to transact freely and easily, without the restrictions of a traditional bank. We believe that with this cash injection, we can build a leading company in this rapidly growing space which will allow people to send, spend and receive payments in a way that works best for them.”
Sean Lippel, Principal and Head of Digital Assets at FinTech Collective, said: “While nearly 65 million people own Bitcoin globally, only a small fraction of that number actually transact daily, meaning we’ve only just begun to scratch the surface on the broader payment use cases for Bitcoin as an open-source money network. We believe Bottlepay’s elegant and intuitive consumer interface, built strategically on top of the power of the Lightning Network, will unlock social, streaming, and micropayments for digital assets. We were attracted to the team’s unique combination of technical and design talent, bound together with a laser-focus on privacy and regulatory compliance.”
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