River Financial, a San Francisco, CA-based bitcoin financial institution, closed a $5.7m in seed funding.
Backers included Polychain Capital, Slow Ventures, Castle Island Ventures, DG Lab Fund, Cygni, Pfeffer Capital Ltd, and IDEO CoLab Ventures as well as individual investors Steve Lee of Square Crypto. Additionally, CEO and Co-Founder of Lightning Labs Elizabeth Stark is an advisor.
The company intends to use the funds to build out its suite of Bitcoin financial services and continue its expansion through the U.S.
Founded in early 2019 by CEO/CTO Alex Leishman, and Chief Operating Officer Andrew Benson, and also led by recent hires Chief Security Officer Jonathan Wilkins, Chief Client Officer Rod Roudi and lead iOS Developer Dave O’Callaghan, River Financial is a challenger financial institution specializing in Bitcoin financial services. Its flagship product, a Bitcoin brokerage, provides retail investors with a platform to buy and sell Bitcoin. The company has also launched its Private Client offering. This service is tailored to family offices, high net-worth individuals, and other sophisticated investors who are searching for larger order limits (up to $250,000,000), instant liquidity, and a dedicated private client advisor.