BitNexo

cryptocurrencyblockchain

FOUNDING YEAR: 2015
LOCATION: Hong Kong
Last Update: 08/09/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

BitNexo helps cross-border SMB commerce companies pay for goods & services between Asia and Latin America quickly, securely, and with low fees by using blockchain technology.

MEDICI Analysis

BitNexo is a blockchain powered payments platform that enables users to conduct transactions between Asia and Latin America. It offers B2B cross border payment solutions for small and medium sized businesses.

Focus

PRODUCTS & SERVICES

BitNexo offers digital payment and transfer related software solutions. It uses bitcoin to send the money, but doesn’t require customers to buy or handle the digital currency. The service only uses it as a payment channel and delivers the money to bank accounts in either country.

REVENUE MODEL

BitNexo follows transaction based revenue model. The company charges percentage of the transacted amount.

MAIN CLIENTS

Retail consumers

PRIMARY PROBLEM SOLVED

SMBs who pay between emerging markets face high transfer fees, slow payment times, and either multiple currency conversions or locked operating capital in foreign currency accounts. BitNexo clients can pay their overseas provider from their home currency and local banking system saving over 50% on time and up to 80% on transfer cost.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

VALUATION / MARKET CAP:

$200 K in 2015

REVENUE

$0 - $99k

NUMBER OF TRANSACTIONS:

200.00

TRANSACTIONS VALUE:

400 K

ACTIVE USERS:

200

TRACTION COMMENT:

Bitnexo has been announced as the joint winner in the Latin American final of BBVA's Open Talent competition in 2015.

People

FOUNDERS

Darren Camas

Hector Garcia

Javier Salcedo

Constance Yuan

BOARD MEMBERS AND ADVISORS

Adam Stradling

Katryna Mutagh

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Chinaccelerator

SOSV

KEY EMPLOYEES:

Sergio Peñaranda

Pablo Godoy

Momentum

FUNDED

NO

TOTAL FUNDING

$30 K

DATE OF LAST FUNDING

Mar 2015

SEED & PRIOR FUNDING

$30 K

SEED CLOSED ON

Mar 2015

LISTED

NO

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

BitNexo

About

BitNexo helps cross-border SMB commerce companies pay for goods & services between Asia and Latin America quickly, securely, and with low fees by using blockchain technology.

Focus

PRODUCTS & SERVICES

B2B cross border payments for SMBs using blockchain as payment rail

REVENUE MODEL

BitNexo follows transaction based revenue model. The company charges percentage of the transacted amount.

TOP PROBLEM SOLVED

SMBs who pay between emerging markets face high transfer fees, slow payment times, and either multiple currency conversions or locked operating capital in foreign currency accounts. BitNexo clients can pay their overseas provider from their home currency and local banking system saving over 50% on time and up to 80% on transfer cost.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

We launched our beta product in 2 months. We're about to release our v1 api, which allows payment partners to manage all in platform functions via the api, as well as get automated BTC and fiat funding.

KEY DIFFERENTIATORS

We're a payments company that focuses on end user experience. We just happen to use Bitcoin to facilitate this process. Our api is designed to let both BTC focused and other payment providers to easily integrate with our pay-out and pay-in functionalities.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

STRATEGIC CLIENTS AND PARTNERSHIP

BBVA : Alliance

BDO : Partnership

Traction

ANNUAL REVENUE:

$0 - $99k

NUMBER OF TRANSACTIONS:

200.00

TRANSACTIONS VALUE:

400 K

ACTIVE USERS/ACCOUNTS:

200 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Partnership model

CHANNEL STATUS

INITIAL CLIENTS

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

Bitcoin industry experience, emerging markets payments

BOARD MEMBERS AND ADVISORS:

Adam Frank Stradling, Nick Plante, Rodrigo Bustamante, Stephen Forte, Steve Saldana, Volker Heistermann

INVESTORS:

Chinaccelerator

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
Oct 2015
USD100 K
at a USD2.5 Mvaluation
Comment on Seed
Angel round

Comment on Valuation

Convertible note