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Paris, April 18, 2023 - Nine months after launching its bitcoin savings app, Bitstack announces that it has raised a €2 million round with participation from Founders Future, Y Combinator, Kima Ventures, Goodwater Capital, FoundersX Ventures, Soma Capital, Sharpstone Capital and Lightning Ventures. Bitstack will use this round of funding to expand its product offering, make strategic hires, and finance customer acquisition efforts. Bitstack users will soon be able to auto-invest a percentage of their paycheck in bitcoin, send bitcoin between friends, and earn bitcoin rewards when spending with the Bitstack Card.
Officially launched on the App Store and Google Play in July 2022, Bitstack is the easiest way to save and invest in bitcoin in Europe. Bitstack automatically rounds up daily purchases and invests the spare change in bitcoin. Users can also buy and sell bitcoin, schedule recurring buys and withdraw bitcoin to an external wallet.
Since its launch, Bitstack onboarded over 25,000 users in France who have saved over 5 million euros in bitcoin. This success confirms the interest of the French to invest in the best performing asset of the last decade. Bitstack allows its users to invest in bitcoin responsibly but using Dollar-Cost Averaging (DCA) - a long-term investment strategy that reduces the impact of market volatility by investing smaller amounts on a regular basis.
Bitstack users save on average €100 per month in bitcoin and have unrealized gains of 30% since Bitstack’s launch last year, despite bitcoin’s downward trend in 2022.
"We are seeing a rapidly growing interest for Bitcoin in France, with over 50% of Bitstack users being first-time bitcoin buyers. We also note a long-term conviction in Bitcoin’s value proposition as a store of value, with over 94% of our users looking to keep their bitcoins for more than three years and 29% for more than 10 years." said Alexandre Roubaud, CEO of Bitstack.
Since the beginning of the year, the startup has seen record growth, and has had its number of active users increase by more than 20% month over month.
A €2 million funding round to launch its bitcoin rewards debit card and accelerate bitcoin adoption
After a first round of funding in 2021, Bitstack announces that it has raised 2 million euros to build new financial products and services around bitcoin. In addition to being able to save and invest in bitcoin, Bitstack users will now have access to a virtual bank account to automatically invest a percentage of their paycheck into bitcoin. They will also be able to send and receive bitcoin instantly and will have the option to spend euros or bitcoins directly via the Bitstack card.
Bitstack will open access to its bitcoin cashback debit card, available for free, by the end of 2023. Bitstack cardholders will earn bitcoin rewards on every purchase and be able to enjoy additional rewards at select retail partners. Sign up to the waitlist today.
"We are very excited to enter a new phase of Bitstack's development alongside leading investors" said Alexandre Roubaud, CEO of Bitstack. "Our ambition is to give people a new way to manage their money. At Bitstack, we believe that personal finance can be different, more accessible, more fun and more transparent thanks to bitcoin. With the launch of our new financial services and debit card, we continue our mission to democratize Bitcoin and create a more open financial system."
"Bitstack is democratizing the use of cryptocurrencies by creating an innovative new savings product that fits into everyday life. Alexandre and Kabir are impressive in their vision of the market and especially their ability to execute in a still shifting environment. We are more than proud to accompany these ambitious entrepreneurs at Founders Future to help them in their development in France and abroad" explains Marc Menasé, founder of Founders Future.
About Bitstack
Founded in April 2021 by Alexandre Roubaud and Kabir Sethi, the French company Bitstack, based in Paris at STATION F, offers a mobile app that makes saving and investing in bitcoin simple, fun and accessible to all.
Bitstack is a company registered as a digital asset service provider (PSAN) with the Financial Markets Authority (AMF) in France under the number E2021-027.
Learn more about Bitstack: www.bitstack-app.com
Contact
media@bitstack-app.com
Nicolas Vitre, Chief Marketing Officer - +33 6 88 04 76 86 - nicolas@bitstack-app.com
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