Shakepay Raises $44M CAD in Series A Funding

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Shakepay is a Montreal-based bitcoin technology company that raised $44M in Series A funding.

QED Investors led the round with participation from Boost VC, BoxOne Ventures as well as Golden Ventures and Broadhaven. Dan Debow, Farhan Thawar and many product leaders from Shopify were also part of the group. Along with Jean Aminouny (CEO) and Roy Breidi (CTO), founders, Shakepay will have Matt Burton, a Partner at QED Investors as part of its capital raise.

The company plans to use the funds for business expansion and to launch new products to help customers build, access, and earn bitcoin wealth.

Shakepay is a platform that allows Canadians to purchase and earn bitcoin. Shakepay Visa* Prepaid card was also launched in December 2021. It is available to 180,000 customers who were able to access it early. Shakepay Card is a Canadian prepaid card that accepts Visa-accepting merchants and offers bitcoin rewards for spending Canadian dollars. All bitcoin cashback rewards will be paid to the cardholder’s Shakepay Bitcoin balance. This balance is separate from their Shakepay Canadian Dollar balance. Customers can top-up their cards by sending Interac eTransfers to their Shakepay accounts.

The company will surpass $6 billion in total revenue in 2021. It has grown 381 percent to more than 900,000. Customers and increased its workforce from 20 to 75 across Canada. Shakepay had raised approximately $1MCAD in funding prior to this new financing.


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