Market Overview

Bitcoin Payments Leader BitPay Raising $30 Million in Series B Funding Led by Aquiline Technology Growth

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Blockchain payments technology platform BitPay
announced today that it is raising $30M in a strategic Series B funding
round led by Aquiline
Technology Growth
(ATG), a fund managed by Aquiline
Capital Partners
that invests in early- and growth-stage financial
technology companies.

This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20171206005705/en/

BitPay builds powerful tools for secure blockchain payment processing, savings, and spending. (Photo ...

BitPay builds powerful tools for secure blockchain payment processing, savings, and spending. (Photo: Business Wire)

BitPay's platform gives businesses and individuals powerful tools for
secure blockchain payment acceptance, savings, and spending. In 2017,
the company has achieved a record year for merchant payment processing
on the Bitcoin blockchain, now approaching $2 billion in annualized
payment volumes. BitPay's open source wallet platform has seen growing
consumer adoption, recently reaching the milestone of $3B in monthly
user payments. BitPay's prepaid Visa debit card, which lets bitcoin
users turn bitcoin into dollars, pounds, or Euros for use with Visa
merchants, has also seen significant year
over year growth
.

"We're proud of our team's work to grow BitPay's impact and revenues to
this point," said BitPay CEO Stephen Pair. "We've been able to solve
some of our customers' biggest payment problems, from multimillion
dollar B2B payments to day to day expenses. Continually improving our
customers' experience with BitPay is a priority for us as we plan our
next steps for product development."

BitPay is raising this series B at an important time in its growth. The
company will be using this funding for strategic steps toward solving
the problems of the world's most difficult and valuable payments. It has
already made inroads this year into cross-border supply
chain payments
and other payments underserved by traditional credit
card and banking infrastructure.

"BitPay plays an important role in the crypto-currency ecosystem by
helping consumers, businesses and other financial institutions
seamlessly accept and transfer Bitcoin for goods and services in the
real world," stated Max Chee, Head of Aquiline Technology Growth. "We
have been very impressed with BitPay's financial performance, including
700% top-line growth, and look forward to supporting its ambitious plans
in the sector."

ATG is a fund managed by Aquiline Capital Partners, a private equity
firm investing in businesses across the financial services sector in
banking and credit, insurance, investment management and markets, and
financial technology and services. In addition to ATG, Aquiline manages
three financial services funds and has raised over $6.5 billion of
capital through its affiliated funds and co-investments.

"Aquiline brings a wealth of expertise in the financial services
industry that makes them the right partner for BitPay," added Mr. Pair.
"We're at an exciting time in payment history. We know that we have a
long way to go, but we plan to build the blockchain payment platform
that changes how money works on the internet."

The company has big goals for 2018 post-raise, including key engineering
hires, regulatory licensing, technology acquisitions, and expansion into
emerging markets in Asia – one of BitPay's fastest-growing regions for
transactions and wallet adoption.

In 2014, BitPay raised a $30M series A round from investors including
Index Ventures, Founder's Fund, Felicis Ventures, RRE Ventures, and Sir
Richard Branson.

About BitPay

The first and most experienced company in bitcoin payments, BitPay
builds powerful tools for secure bitcoin payment acceptance, savings,
and spending. The company has offices in North America, Europe, and
South America and processes payments for industry giants in online
commerce, from Microsoft to Gyft and Newegg.com. For more information on
BitPay and what it's doing in the world of bitcoin, visit www.bitpay.com
or email media@bitpay.com.

About Aquiline Technology Growth

Aquiline Technology Growth invests in early- and growth-stage technology
companies that are bringing innovation to the insurance and broader
financial services ecosystems. ATG is managed by Aquiline Capital
Partners. Its team of professionals has experience in technology and
financial services and is supported by its colleagues at Aquiline
Capital Partners, strategic partners, and an active group of industry
experts. For more information on ATG, please visit: http://www.aquiline.com/atg.

About Aquiline Capital Partners LLC

Aquiline Capital Partners, founded in 2005, is a private equity firm
based in New York investing in businesses across the financial services
sector in banking and credit, insurance, investment management and
markets, and financial technology and services. For more information
about Aquiline, its investment professionals, and its portfolio
companies, please visit: www.aquiline.com.

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