German crypto banking startup Bitwala raises €15M
Berlin-based startup Bitwala has raised €15 million after closing a €13 million Series A round last year. The new round was led by previous investor Earlybird, with participation from Coparion, Global Brain among others, Tech.eu writes.
Bitwala was established in 2015 by Ben Jones, Jan Goslicki, and Jörg von Minckwitz. Its first product was a bank transfer for cryptocurrencies with a prepaid debit card. In 2018 it changed the business model and launched a cryptocurrency bank account. Since then the startup has been offering the digital banking experience combining fully protected German bank accounts with access to cryptocurrencies, digital assets and blockchain-based finance through its all-in-one mobile app and online platform.
Bitwala already has 150,000 customers across 32 countries and holding $60 million in digital currencies for its clients. The company is planning to invest the raised funding in the further acquisition of the clients and launch of the new crypto services, such as a recurring purchase feature.
Leading investor Earlybird is a German venture capital firm focused on European technology innovators. It invests in all development and growth phases of those companies.