Swedish Bank Joins Bitcoin Processor's $4 Million Series A

Michael del Castillo
Aug 3, 2016 at 21:10 UTC
NEWS

Swedish banking giant SEB Group and a Danish venture capital firm have invested $4m in Coinify, a digital currency payment processor based in Copenhagen.

The Series A round included support from SEB as well as SEED Capital Denmark, an early-stage venture firm based in Denmark and an existing investor in the bitcoin startup.

Launched in 2014, Coinify supports payments in 15 digital currencies. The startup said it plans to use the new funding to expand its payment and trade services from Europe into Asia, according to a statement.

David Sonnek, SEB’s head of venture capital, said of the new investment:

"Coinify has developed a unique platform for blockchain payments and fits perfectly in our portfolio of FinTech investments. We at SEB Venture Capital really look forward to contribute to Coinify’s future development."

Coinify last raised funding in 2014, when SEED took part in what was then described as a multi-million dollar deal. The exact amount wasn’t revealed at the time.

According to Danish fintech news site FinsanswatchStefan Olofsson from SEB and Lars Andersen from SEED Capital have joined Coinify’s board of directors. SEB investment manager Filip Petersson will now act as deputy director for Coinify.

Further, SEB Venture Capital reportedly has a voting share of between 5% to 9.99% in the company.

Image via Wikimedia

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