Montreal’s Shakepay has secured a $44 million investment round.
The Series A round was led by US-based QED Investors and also included participation from Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, and several product leaders from Shopify. Prior to this new funding, Shakepay had raised roughly $1 million to date.
Shakepay is a leading Canadian bitcoin technology company enabling customers to easily buy and earn bitcoin through financial applications.
The funding will be used to scale Shakepay’s business and launch new products that make it easier for Canadians to gain access and exposure to the digital economy.
As part of the capital raise, Matt Burton, Partner at QED Investors, will join Shakepay’s board of directors, alongside Shakepay’s co-founders, Jean Amiouny, CEO and Roy Breidi, CTO (pictured).
“We launched Shakepay to change the way Canadians access and engage with bitcoin,” said Jean Amiouny, Co-Founder and CEO of Shakepay. “As an ex-operator, Matt brings a wealth of relevant experience in the fintech industry and we are looking forward to working with him to continue driving Shakepay’s goals forward.”
The new funding comes on the back of a surge in growth in 2021, with the company surpassing $6 billion in total volume, growing 381 per cent in 2021 to more than 900,000 customers, and scaling its team from 20 employees to now 75 employees across Canada. Prior to this new funding, Shakepay had raised roughly $1 million to date.
“Shakepay is on a mission to make it easy for Canadians to build wealth with the most powerful financial technology ever created, bitcoin,” said Jean Amiouny.
“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.”
With the money raised, Shakepay is focused on bringing additional products to market that help its customers earn, access, and build wealth in bitcoin, like the Shakepay Visa Prepaid Card. which was launched in December 2021 to a list of 180,000 early access customers across the country.
The Shakepay Card is a prepaid card in Canada that offers bitcoin rewards when spending a Canadian dollar balance with Visa-accepting merchants.
All bitcoin cashback rewards are settled to a cardholder’s Shakepay bitcoin balance and will be separate from their Shakepay Card Canadian dollar balance. Customers can top up their card by sending an Interac e-Transfer to their Shakepay account.