SatoshiPay, a London, UK-based provider of solutions for B2B cross-border money transfer and micropayment processing through its blockchain-based instant payments platform, raised $550k in funding.
The Stellar Development Foundation made the strategic investment by way of convertible loan notes, which marks the third commitment made by SDF through its Enterprise Fund. SDF is a key partner of SatoshiPay providing maintenance and partner support for the Stellar decentralised ledger network. This investment will enhance the relationship that exists between the two organisations. The convertible loan notes are expected to convert at the time of SatoshiPay’s next round of funding.
The company intends to use the funds to continue to develop its B2B solution for commercial, cross-border payments and its digital wallets.
Founded in 2014 and led by Meinhard Benn, CEO, SatoshiPay offers solutions for B2B cross-border money transfer and micropayment processing through its blockchain-based instant payments platform. SatoshiPay was one of the first businesses to use Stellar commercially and has, to date, processed $650,000 in payments from over 200,000 accounts. Its open-source wallet for the Stellar network, Solar, has been downloaded more than 25,000 times in 40 countries. The company has a development office in Berlin and is also backed by Axel Springer.