Shakepay Raises $44M CAD in Series A Funding

Shakepay, a Montreal, Canada-based bitcoin technology company, raised $44M CAD in Series A funding.

The round was led by QED Investors with participation from Boost VC and BoxOne Ventures, as well as Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, Jevon MacDonald, Mark MacLeod, Dan Debow, Farhan Thawar, and several product leaders from Shopify. As part of the capital raise, Matt Burton, Partner at QED Investors, will join Shakepay’s board of directors, alongside founders, Jean Aminouny, CEO and Roy Breidi, CTO.

The company intends to use the funds to scale business and launch new products that help customers earn, access, and build wealth in bitcoin.

Shakepay provides a technology platform that makes it easy for Canadians to buy and earn bitcoin. The company is also launching the Shakepay Visa* Prepaid Card, which was introduced in December 2021 to a list of 180,000 early access customers across the country. The Shakepay Card is a prepaid card in Canada that offers bitcoin rewards when spending a Canadian dollar balance with Visa-accepting merchants. All bitcoin cashback rewards are settled to a cardholder’s Shakepay bitcoin balance and will be separate from their Shakepay Card Canadian dollar balance. Customers can top up their card by sending an Interac e-Transfer to their Shakepay account.

In 2021, the company surpasses $6 billion in total volume, growing 381 % in 2021 to more than 900,000 customers, and scaling its team from 20 employees to 75 employees across Canada. Prior to this new funding, Shakepay had raised roughly $1M CAD to date.