The money raised will go towards the company’s stated goal of democratizing Bitcoin in France and abroad.
beatstackFrance’s bitcoin savings app has announced a $2.1 million (€2 million) funding round. Funding is coming from a group of investors, including Founders Future, Y Combinator, and Kima Ventures, among others. The startup will use the funding to expand its product offering, conduct strategic hiring and fund customer acquisition efforts, according to a press release sent to Bitcoin Magazine. Bitstack will soon offer its users the ability to automatically invest a percentage of their salary in bitcoin, send bitcoin between friends and earn bitcoin rewards when spending with the Bitstack Card, the company says.
Bitstack launched on the App Store and Google Play in July 2022, and since then more than 25,000 users in France have joined according to the press release. “We are seeing a rapidly growing interest in bitcoin in France, with more than 50% of Bitstack users being first-time buyers of bitcoin,” said Alexandre Robaud, CEO of Bitstack. The startup has also seen its active users increase by more than 20% per month, the press release states.
Since its launch, Bitstack claims its users have made unrealized gains of 30% despite bitcoin’s downward trend in 2022. “Our ambition is to give people a new way to manage their money. At Bitstack, we believe personal finance can be different, accessible Much easier, more fun and more transparent thanks to Bitcoin. With the launch of our new financial services and debit card, we are continuing our mission to democratize Bitcoin and create a more open financial system,” said Roboud.
Bitstack states that it will open access to its Bitcoin Cashback debit card, which is available for free, by the end of 2023. Bitstack cardholders will be able to earn bitcoin rewards on every purchase, along with bonus rewards at select retail partners. “Bitstack is democratizing the use of cryptocurrencies by creating an innovative new savings product that fits into everyday life,” said Mark Minassi, founder of Founders Future. “We are very proud to accompany these aspiring entrepreneurs at Founders Future to help them develop them in France and abroad.”