German Bitcoin Startup Bitwala Raises €800k in Seed Round To Empower Global Money Transfer Based on Blockchain Technology
April 4, 2016
Bitwala, the easiest way for international money transfers using blockchain technology, announced today that it has raised €800k in a seed funding round including the largest German VC investment firm High-Tech-Gründerfonds (HTGF) and the leading bitcoin and blockchain investor Digital Currency Group (DCG).
Traditional banking is no longer making the cut for global payments. International wire transfer options offered today are slow, expensive and complicated for everyday customers. As a solution, Bitwala offers the fastest option for international money transfers at a fraction of the cost. Blockchain technology-based Bitwala reinvents the conventional banking system, all without the need of having a bank account.
Along with the Bitwala Debit Card, the company simplifies and improves how people do financing in their everyday lives. Bitwala users are able to make cash withdrawals at ATMs and payments at any store or website that accepts VISA. Bitwala offers the best bitcoin exchange rates, same-day transfers and with 0.5% the lowest processing fee on the market.
Since 2012, Bitwala’s founding team has been active in the European bitcoin community and are the backers of the first bitcoin startup incubator Bitcoins Berlin. The team bootstrapped and self-funded many internationally successful bitcoin ventures such as All4btc, Gold4btc or E4btc.
Bitwala CEO Jörg von Minckwitz said that the funding came in time when the company along with the private and public interest towards bitcoin and blockchain technology is growing rapidly. The investment will be mainly used for developing the Bitwala app and expanding globally.
“My co-founders Jan Goslicki, Benjamin Jones and I are very proud of what we have achieved so far. With the company still in its early stage, our focus has not been to gain the most capital but more towards building and maintaining strong and lasting partnerships.”, said von Minckwitz.
High-Tech-Gründerfonds (HTGF) is the lead investor in this seed funding round. HTGF has invested in over 400 startups across the country with Bitwala being the latest addition to its portfolio.
“Bitwala will be the first truly international bank account which allows people from all over the world to send and receive money in various currencies at marginal fees and in real-time. Using the blockchain as infrastructure to transact local currency provides an easy, secure and cost-efficient technology for underserved customers that have a real pain point.”, says Chiara Sommer, Investment Manager at HTGF.
Digital Currency Group (DCG) is managed by Barry Silbert and has been the most active investor in bitcoin and blockchain tech companies. The strategic investor actively supports development teams and applications to build new use cases to enable global value transfers over the Internet using Bitcoin and Blockchain technology.
For more information on Bitwala and features offered by the company, visit https://bitwa.la.
Based in Berlin, Bitwala is the smartest way to send money internationally easily, cheap and fast. Launched in early-2015, the German company has surpassed 2 Million Euros in transaction volume and has collected over 2000 customers across Africa, Asia and Europe. Bitwala is offering 11 different currencies, a bitcoin debit card and business accounts for users with and without bank accounts
Jörg von Minckwitz, CEO
Ohlauer Strasse 43, 10999 Berlin
Office: +49 (0) 30 8939 8563
About Digital Currency Group
Based in New York City, DCG is the most active seed investor in the digital currency industry with more than 70 investments in 20 countries. Learn more at dcg.co or follow us @DCGCo for the latest News.
About High-Tech Gründerfonds
High-Tech Gründerfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gründerfonds invests EUR 600,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Energy, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, Bayer, B. Braun, Robert Bosch, CEWE, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gründerfonds has about EUR 576 million under management in two funds (EUR 272 million HTGF I, EUR 304 million HTGF II).