• FOUNDING YEAR: 2013
    LOCATION:
    Germany
    REGION:
    Last Update:
    27 Jun, 2019
    Global presence:
    Netherlands
    Company priority:
    Look out for our new announcement...

Description

FOCUS

PRODUCTS & SERVICES:
The company offers various products and service such as; 1- Card: It provides a debit card which enables users to load money in local currency. This card can be used while shopping and making international purchases. They can also withdraw money from ATM at best exchanges rates. It also provides users with card spendings and balance data via web or mobile app. 2 - Bitcoin Wallet: It is a digital wallet that facilitates the customers to send money, pay bills, top-ups, bank transfers, etc. 3 - Bitwala API: It provides API services for businesses that help users to pay suppliers across the world. 4 - Bank Transfers: It provides SEPA and SWIFT bank transfers across borders and currencies.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Business owners and individuals
EXISTING PARTNERSHIPS:
The company has formed partnerships with various Bitcoin wallets and payments, trading & exchanges firms. Partnered with Bitcoin Wallet & trading players like TREZOR, BitPay, BitGo, bitcoin.de. Also partnered with crytocurrency exchange firm Shapeshift.
PRIMARY PROBLEM SOLVED:
The platform mainly addresses the cross-border transaction fees for businesses and individuals by offering them crypto transaction service at a lower fee.
COMMENT
Bitwala's money transfer service enables business owners and individuals to transfer Bitcoin, Ether, and over 60 other Altcoins into 22 local currencies, including EUR and GBP. Bitwala provides business with multiple options and features such as multicurrency payments, expenditure tracker, mass payment,s and open banking API facilities. Recently SegWit has been activated and the SegWit support is being rolled out for the Bitwala Wallets. By using SegWit, users can save up to 50percent on the network fees. At present, the company is building a German online bank account that enables users to buy and sell bitcoin directly, make and receive payments and manage their finances all in one place. Also, it focuses on blockchain banking license and Segwit.

PEOPLE

FOUNDERS:
Jörg Von Minckwitz, Jan Goslicki, Ben Jones
Board Members and Advisors:
Enrique Melero, Chiara Sommer
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
Digital Currency Group, High-Tech Gruenderfonds, Alternative Strategic Investments.
KEY EMPLOYEES:
Jörg von Minckwitz (CEO); Jan Goslicki (COO); Ben Jones (CTO)
COMMENT:
Jörg von Minckwitz has more than nine years of experience in the Bitcoin industry. He founded Bits & Coins, a consulting firm in which he was an active member for more than three years. Jan Goslicki also has more than nine years of experience in the industry. He also founded Bitcoins Berlin Firm and worked as a consultant in PwC.

TRACTION

TRANSACTIONS COMMENT:
The company has crossed over 55 million euros in transactions to date. (Nov. 2017)
ACTIVE USERS COMMENT:
The company claims it has over 57,000 private and business users in 200 countries. (Nov. 2017)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$2.59 Millions
DATE OF LAST FUNDING:
Jul 2017
SEED & PRIOR FUNDING:
$890.4 K
SEED CLOSED ON:
Mar 2016
FUNDING SERIES:
SERIES A
$1.7 Millions Closed: Jul 2017
LISTED:
NO

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