The raised funds will go toward the company’s stated goal of democratizing Bitcoin in France and beyond.
Bitstack, a bitcoin savings app in France, has announced a $2.1 million (€2 million) funding round. The funding comes from a range of investors, including Founders Future, Y Combinator and Kima Ventures, among others. The startup will use the funding to expand its product offerings, make strategic hires and finance customer acquisition efforts, according to a press release sent to Bitcoin Magazine. Bitstack will soon offer its users the ability to auto-invest a percentage of their paycheck in bitcoin, send bitcoin between friends and earn bitcoin rewards when spending with the Bitstack Card, the company says.
Bitstack was launched on the App Store and Google Play in July 2022, and has since onboarded over 25,000 users in France according to the press release. Alexandre Roubaud, CEO of Bitstack, said „We are seeing a rapidly growing interest for Bitcoin in France, with over 50% of Bitstack users being first-time bitcoin buyers.“ The startup has also seen its number of active users increasing by more than 20% month over month, the press release states.
Since its launch, Bitstack claims its users have unrealized gains of 30% despite bitcoin’s downward trend in 2022. „Our ambition is to give people a new way to manage their money. At Bitstack, we believe that personal finance can be different, more accessible, more fun and more transparent thanks to bitcoin. With the launch of our new financial services and debit card, we continue our mission to democratize Bitcoin and create a more open financial system,“ said Roubaud.
Bitstack states it will open access to its bitcoin cashback debit card, available for free, by the end of 2023. Bitstack cardholders will be able to earn bitcoin rewards on every purchase, along with additional rewards at select retail partners. „Bitstack is democratizing the use of cryptocurrencies by creating an innovative new savings product that fits into everyday life,“ said Marc Menasé, founder of Founders Future. „We are more than proud to accompany these ambitious entrepreneurs at Founders Future to help them in their development in France and abroad.“