London FinTech Startup Blockchain Raises $40 Million From Lakestar, GV, And Others
The London FinTech startup called Blockchain announced it has secured $40 million in its Series B funding round, which involved participation by Lakestar, GV (formerly Google Ventures), Nokota Management, and Digital Currency Group. Other participating investors include Lightspeed Venture Partners, Mosaic Venture Partners, Prudence Holdings, Virgin, and billionaire Richard Branson. According to the Blockchain blog, this venture round is one for the history books.
“Our Series B represents the most substantial investment in the fintech space since Brexit and is the largest Series B raised by any digital currency company to date. This brings our total capital raised to over $70 million and we’re thrilled to welcome some of the most well-respected investors in the world to the Blockchain family.”
Blockchain CEO Peter Smith tells CNBC, “The money will be used to expand the team further and invest in more research and development.” The company is seeking office space internationally, as it currently has customers in 140 different countries that utilize the bitcoin wallet. At the time of this publication, the global market cap, according to CoinMarketCap, currently stands at around $114 billion.
Blockchain has experienced an increased amount of activity and growth since its initial launch in 2011. In 2014, the company raised $30.5 million in its Series A funding round and continues to enjoy notable momentum. Smith expresses his appreciation in Blockchain’s latest blog post:
“I’m extremely proud and humbled by the progress we’ve made – millions of active users around the world, exchange partnerships in 34 countries, billions in monthly consumer volume, and an API platform used by some of the biggest companies in our field.”
CNBC reports that Blockchain has expanded to roughly 15 million sign-ups and has seen “billions of dollars worth of monthly consumer activity,” which includes deposits and transactions. In addition, its gross revenue is projected to be more than 1,000 percent annually.