Bitwala Raises €800,000 for Bitcoin SEPA Transfers

Bitwala has raised €800,000 (about $910,000) to expand its online bitcoin payment service.

Apr 4, 2016 at 1:22 p.m. UTC
Updated Sep 11, 2021 at 12:12 p.m. UTC
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Bitwala has raised €800,000 (about $910,000 at press time) to expand its online bitcoin payment service and grow its customer base and operations team.

Investors in the round included KfW Banking Group and Digital Currency Group.

In a blog post, the startup sought to downplay the significance of its new capital, choosing instead to emphasize its dedication to its service and customers.

Bitwala’s Andrea Hesler wrote:

"It is not only about the amount we raised, it is also about the partners and how we work together. Gaining as much money as possible was never the Bitwala team’s biggest goal."

Founded in 2012, the startup allows users to transfer euros over the Single Euro Payments Area (SEPA) payments using bitcoin. Users must first download a bitcoin wallet.

Further, the announcement follows the rollout of the platform for small business owners and freelancers in March.

The website had previously been lauded by industry observers including Erik Voorhees and Jon Matonis, who have noted the website’s applications for bill payments. Though the company's website points out that its use cases also include credit card bills, utilities, insurance and rent payments.

Correction: A previous version of this article stated that KfW Banking Group, Deutsche Post DHL, Deutsche Telekom and RWE Group invested in the round.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bitwala.

Images via Bitwala

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