Online Bitcoin purchasing service Coinbase has raised USD5m in a Series A round led by Union Square Ventures. The San Francisco-based startup’s platform allows users to convert real money into Bitcoins, the virtual currency making waves online, and provides a digital wallet that users can store Bitcoins in and use to make online purchases.
Accepted by some 300 merchants, including Reddit.com and OKCupid.com, Coinbase claims to have attracted 116,000 users who have converted some USD15m into Bitcoins to-date, up from USD1m in January. A graduate of Y Combinator, Coinbase charges a 1% fee on all conversions and has raised a total of USD5.6m to date, which it says will be used to expand its team with engineers, designers and business support staff.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.