By
Steve Muchoki
April 9th, 2024
BCB plans to use the funds strategically to help increase its market penetration alongside enhancing its payment infrastructure across different regions.
Europe’s foremost crypto payment service provider BCB recently announced raising $60 million in a Series A funding round. The company claims it to be the biggest funding round for any blockchain-based company in the UK. With the crypto ecosystem becoming larger with every passing month, these service providers become essential for providing the ultimate customer service. Before this, the company had organized a seed round in March 2019 to raise $1 million and another strategic funding round in March 2021 that helped raise $4.5 million. These funds were used to finance the company’s new initiatives.
About the BCB Series A Funding Round
The round was co-led by Foundation Capital but saw participation from several others like BACKED VC, PayU, Wintermule, Digital Currency Group, Circle, Tokentus Investment LAUNCHub Ventures, Cowa and Profluent Ventures. Some of the current partners also invested like Blockchain.com Ventures, Island ventures, Pantera, L1 Digital and Rockaway Blockchain Fund.
BCB plans to use the funds strategically to help increase its market penetration alongside enhancing its payment infrastructure across different regions. The company’s end goal is to acquire strategic stakes and improve its offerings of services that are so critical to the crypto economy in the UK. Besides using the new funds to form new partnerships in the US and Singapore, BCB Group will also use the finance for other M&A activities. Another one in the pipeline is the planned acquisition of German-based Sutor Bank.
BCB Group’s founder-CEO Oliver von Landsberg-Sadie expressed his gratitude to the investors by stating that the financing will help them achieve their mission of connecting the global crypto ecosystem through the development of critical infrastructure.
BCB Group is a known name in the crypto world. A leading digital asset services provider, it is among the first firms to be regulated in the UK and Switzerland for multi-jurisdictional cryptocurrency services. It provides payment services as well as business accounts and foreign exchange custody services to its clients. Their customer list includes some of the biggest names in the industry like Kraken, Gemini, Bitstamp, BitPay, Galaxy and Circle.
Supporting more than 20 currencies, BCB Group provides a complete end-to-end suite of payment services comprising processing, cryptocurrency trading and custody. These offerings can be accessed by the clientele through a unified API-enabled platform. Thus, the customer can find all the required services related to digital assets in one place.
BCB Group was founded 5 years ago in 2017 by MBA postgraduates Oliver Tonkin and Oliver von Landsberg-Sadie. The company has already processed transactions amounting up to 100 billion dollars and is now on its way to providing a durable financial infrastructure to the blockchain industry.
