beepA Brazilian startup that aims to simplify financial transactions through Bitcoin has announced the successful closing of its initial investment round, raising R$8 million (about $1.4 million).
Notable investors include New Form Capital. The venture capital fund focuses on early-stage startups working in blockchain technology and the financial market and Hivemind Ventures, which invests in Bitcoin-focused startups, both of which made their first investment in the Brazilian market during this round.
Founded in 2020 by Luiz Parreira, Bipa seeks to remove barriers to entry and promote the use of bitcoin by providing an easy-to-use digital account connected to the PIX (Brazilian Real) and Lightning (Bitcoin) instant payment networks. According to a press release sent to Bitcoin Magazine, the startup aims to appeal to users who find buying and selling Bitcoin difficult and struggle to understand the exchanges, catering to a broader audience seeking simplicity and convenience.
The press release stated that the funds raised will support BIBA’s expansion in the market, attract new users and develop new business-to-consumer (B2C) products. “Our mission is to get people who use the Bipa app to pay for their coffee every morning,” Barrera said. Currently, bitcoin usage is still a niche in Brazil, with Bipa’s primary focus on the local community. However, the company plans to expand its reach and bring the financial and technological revolution of Bitcoin to more individuals.
In conjunction with its growth plans, Bipa has unveiled a new visual identity, emphasizing accessibility and simplicity. The redesigned branding features a spring-shaped “B” logo, which symbolizes motivation, and uses a vibrant and colorful color palette. Barrera hopes that the rebranding efforts and improved user experience will encourage individuals outside the existing Bitcoin ecosystem to join Bipa, with the goal of bringing more than 15 million Brazilians into the Bitcoin community.
According to data from the X-Ray Investor Report of the Brazilian Association of Financial Entities and Capital Markets (Anbima), nearly 6 million Brazilians, about 3% of the population, have announced investments in cryptocurrency. With this investment round, Bipa aims to capitalize on this market potential and become the go-to option for those looking for an entry point into the bitcoin industry.