SA bitcoin payments startup Centbee has raised funds from Amsterdam-based venture capital firm, Two Hop Ventures.
This comes soon after SA venture firm Paper Plane Ventures‘ exit from Two Hop.
Centbee’s co-founders Lorien Gamaroff and Angus Brown launched the company in 2016; and unveiled its bitcoin cash wallet towards the end of 2018.
Centbee’s wallet allows users to send bitcoin directly to their phone contacts.
Centbee raised a US$ 1.3million Series A in 2019 to continue building its products and scale its operations.
The funds raised from Two Hop Ventures will also be channelled towards product development.
According to Two Hop’s co-founder Jan Smit, Centbee is one of the most used wallets in the BitcoinSV (BSV) ecosystem. Smit added that Centbee’s products were built with a strong focus on regulatory compliance.
Smit said, “The senior management team comes from strong professional and corporate backgrounds including software engineering, banking, payments, accounting and finance.”
“We believe its professionalism and strong business acumen will enable Centbee to branch into many adjacent services and geographies which competitors are less likely to address. The Two Hop team is looking forward to supporting the Centbee team on this journey,” he said.
Co-CEO of Centbee, Angus Brown, said “We’ve enjoyed a high user growth rate and have a clear path to revenue. With Two Hop’s support, we’ll continue building more utility into our products by leveraging the BSV blockchain and delivering world class app functionality to our users.”
He added that the deal demonstrated Centbee’s and other BSV companies’ potential to deliver real value for investors, industry stakeholders and consumers.
