BitPay Revenue, Valuation, Funding & Investors
BitPay is valued at $366M as of April 2018.
Last BitPay valuation
$366M
Series B · Apr 2018
Last BitPay funding round
$2M
Series B · Jul 2021
BitPay revenue
$35M
Series A · May 2014
Key investors in BitPay
Founders Fund
Menlo Ventures
RRE Ventures
Digital Currency Group
Index Ventures
Felicis
About BitPay
BitPay is a bitcoin payment processor headquartered in Atlanta, Georgia. Launched in 2011, the company delivers payment gateway services through a RESTful API that enables merchants to accept bitcoin and other cryptocurrencies seamlessly. BitPay supports native payment protocols, signed payment requests, BIP 73 compliance, and direct payment communication for secure transactions. It partners with Aliant Payment Systems for strategic processing and offers Copay, a multi-signature bitcoin wallet with Intel hardware security for private key protection and transaction signing. BitPay serves thousands of merchants globally, including major brands like Microsoft and Newegg, facilitating settlements in local currencies across more than 200 countries.
Founded
2011
HQ
Atlanta, GAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$35M (May 2014)
Valuation
$366M (Apr 2018)
BitPay Valuation
BitPay is currently valued at $366M, based on its Series B in April 2018.
The $10M round was led by Aquiline Capital Partners, with participation from Menlo Ventures, RRE Ventures, Delta-v Capital, Capital Nine, G Squared and 1 other investor.
BitPay's valuation has grown 2.3x from $160M at its Series A in May 2014 to $366M in April 2018, across 2 priced rounds.
BitPay valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2018 | Series B | $366M | - |
| May 2014 | Series A | $160M | 4.6x |
BitPay Revenue
BitPay's latest recorded revenue is $35M, as of its Series A in May 2014. At a $160M valuation, that implies a 4.6x revenue multiple.
BitPay revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2014 | $35M | $160M | 4.6x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
BitPay Funding History
BitPay has raised a total of $74M across 6 funding rounds, plus 1 secondary share sale.
BitPay's first fundraising round was a $500K seed round in January 2013. The most recent completed round was a $2M Series B in July 2021.
BitPay funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Series B | david elliott; Definitive Capital; Bossa Invest | $2M | - | - |
| May 2021 | Secondary | Menlo Ventures (lead); James Sowers; Launch Code Capital; 10X Capital | $40M | - | BitPay's April 2018 Series B round was led by Aquiline Capital Partners, which closed at a $366.18 million post-money valuation and raised $40 million. BitPay processed over $1 billion in Bitcoin payments in 2017 and had achieved profitability by early 2018. |
| Apr 2018 | Series B | Aquiline Capital Partners (lead); Menlo Ventures; RRE Ventures; Delta-v Capital; Capital Nine; G Squared; Nimble Ventures | $10M | $366M | BitPay provides blockchain payment solutions enabling businesses to accept Bitcoin and other cryptocurrencies, along with consumer tools like wallets and debit cards. The company, founded in 2011 and based in Atlanta, expanded globally with offices in Argentina and Amsterdam. In early 2018, BitPay closed an extended Series B funding round totaling $40 million, initially planned at $30 million, led by Aquiline Capital Partners with participation from Menlo Ventures, Capital Nine, Delta-v Capital, G Squared, Nimble Ventures, RRE Ventures, and others. This brought total funding to over $70 million following a $30 million Series A in 2014 from Index Ventures, Founders Fund, Felicis Ventures, RRE Ventures, and Sir Richard Branson. Forge reports a $366.18 million post-money valuation for the Series B-1 in April 2018. Funds supported engineering hires, regulatory licensing, technology acquisitions, and expansion into fast-growing Asian markets amid surging Bitcoin adoption and transaction volumes. |
| Dec 2017 | Series B | Aquiline Technology Growth (lead); Digital Currency Group; Argo Ventures | $30M | - | BitPay is a blockchain payments technology platform founded in 2011 that enables merchants and consumers to accept and transfer Bitcoin for goods and services. The company operates a suite of products including a Bitcoin payment processing platform, open-source wallet software (Copay), and a prepaid Visa debit card that converts Bitcoin to fiat currencies for use at traditional merchants. BitPay is headquartered in Atlanta with offices in Argentina and Amsterdam. In December 2017, BitPay announced a $30 million Series B funding round led by Aquiline Technology Growth, a fund managed by private equity firm Aquiline Capital Partners. The round was later extended in January 2018 to $40 million due to oversubscription and increased investor demand, bringing total raised capital to over $70 million. Additional investors in the extended round included Menlo Ventures, Capital Nine, Internet Security Systems founder Christopher Klaus, and Tencent co-founder Alvin Liu. In 2017, BitPay achieved record performance, processing over $1 billion in Bitcoin payments for merchants and seeing revenue grow eightfold from Q2 2016 to Q3 2017. The company's open-source wallet platform Copay surpassed $3 billion in cumulative user transactions. Aquiline was impressed by BitPay's 700% top-line growth and efficient merchant/consumer retention. Proceeds from the Series B were designated for key engineering hires, regulatory licensing, technology acquisitions, and expansion into emerging markets in Asia, where the company was experiencing rapid growth in transaction volume and wallet adoption. BitPay also announced plans to add 4-5 new blockchains beyond Bitcoin to its platform within two years to provide lower-cost payment alternatives as Bitcoin transaction fees increased. |
| May 2014 | Series A | Index Ventures (lead); TTV Capital; RRE Ventures; SeedInvest; Felicis; AME Cloud Ventures; Horizons Ventures; Founders Fund; Virgin Group | $30M | $160M | BitPay, a leading provider of business solutions for Bitcoin digital currency payments, raised a record $30 million Series A funding round on May 8, 2014, led by Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, AME Cloud Ventures, Sir Richard Branson, and others, bringing total funding to $32.7 million. The round valued the company at $160 million post-money, surpassing previous records set by competitors like Coinbase. BitPay processes Bitcoin payments for merchants including WordPress, TigerDirect, Shopify, and Virgin Galactic, operating from bases in Atlanta, San Francisco, Buenos Aires, and Amsterdam. At the time, BitPay served over 30,000 merchants worldwide, with 50% in the US, 30% in Europe, and 20% elsewhere, handling significant transaction volume though not explicitly termed as revenue in sources. The company offers tiered monthly pricing plans from $30 to $300, plus custom enterprise options and a 1% transaction fee starter kit, enabling merchants to accept Bitcoin without volatility risk by settling in local fiat currencies. This funding solidified BitPay's position as the most venture-backed Bitcoin startup, outpacing rivals like Circle and Xapo. Proceeds from the round were earmarked for global expansion, tripling the workforce by adding around 70 software developer jobs, and enhancing products like merchant acquiring tools, open-source Bitcoin projects for accounting, and tax reporting software. Index Ventures' Jan Hammer joined the board alongside Jimmy Furland from earlier investors. The investment reflected maturing interest from top-tier VCs in the Bitcoin ecosystem amid high-profile merchant adoptions and despite challenges like Mt. Gox's collapse. |
| May 2013 | Seed | Founders Fund (lead) | $2M | - | - |
| Jan 2013 | Seed | Hugo Barra; Ashton Kutcher; Trace Mayer; Digital Currency Group; Jimmy Furland; Matt Mullenweg; Roger Ver; Ben Davenport; Errol Damelin | $500K | - | - |
Who has invested in BitPay?
32 investors have backed BitPay across its funding rounds, including Founders Fund, Menlo Ventures, RRE Ventures, Digital Currency Group, Index Ventures and Felicis.
Lead investors include Menlo Ventures, Aquiline Capital Partners, Aquiline Technology Growth, Index Ventures and Founders Fund.
BitPay Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Apr 2018 | |
| New York City, NY | 2 | Participant | May 2014 | |
| Stamford, CT | 2 | Participant | Jan 2013 | |
| San Francisco, CA | 2 | Lead | May 2013 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} david elliott |  Isabela | 1 | Participant | Jul 2021 |
| Atlanta, GA | 1 | Participant | May 2014 | |
| James Sowers | Cheyenne, WY | 1 | Participant | May 2021 |
| Hugo Barra | San Francisco, CA | 1 | Participant | Jan 2013 |
 London | 1 | Lead | May 2014 | |
| Ashton Kutcher | Los Angeles, CA | 1 | Participant | Jan 2013 |
| New York City, NY | 1 | Lead | Dec 2017 | |
| Trace Mayer | Las Vegas, NV | 1 | Participant | Jan 2013 |
 Cayman Islands | 1 | Participant | Jul 2021 | |
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Start Free TrialBitPay Competitors
BitPay competitors include listed companies like Coincheck Group, Lesaka Technologies and NHN KCP, and private ones like CLICK, Euler and Flipside Crypto.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Netherlands | Publicly listed | $3.1B | $354K | $364M | 0.2x | |
 South Africa | Publicly listed | $722M | $67M | $364M | 0.8x | |
 South Korea | Publicly listed | $899M | $44M | $362M | 0.1x | |
 Tashkent | Private | - | - | $360M | - | |
| London | Private | - | - | $375M | - | |
| Boston, MA | Private | - | - | $350M | - |
BitPay Public Comps
BitPay is still privately-owned, but its public comps include Coincheck Group, Lesaka Technologies, NHN KCP, Bakkt, Repay Holdings, Paysafe, Chaince Digital, ProCap Financial, Stewards and Boku.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $722M | $67M | 0.5x | 0.8x | 5.5x | 4.7x | |||
| $899M | $44M | 0.2x | 0.1x | 3.2x | 3.1x | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $309M | ($165M) | 3.3x | 2.3x | (6.1x) | 6.4x | |||
| $1.7B | $341M | 1.6x | 1.5x | 7.8x | 5.9x | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| - | - | - | - | - | - | |||
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Common questions about BitPay
| When was BitPay founded? | BitPay was founded in 2011. |
| Where is BitPay headquartered? | BitPay is headquartered in Atlanta, GA, United States. |
| Is BitPay publicly listed? | No, BitPay is a private, VC-backed company. |
| What is BitPay's valuation? | BitPay was last valued at $366M in its Series B in April 2018. |
| How much funding has BitPay raised? | BitPay has raised $74M across 6 funding rounds. |
| What was BitPay's last funding round? | BitPay's last funding round was a $2M Series B in July 2021. |
| Who are BitPay's investors? | BitPay's investors include Menlo Ventures, RRE Ventures, Digital Currency Group, Founders Fund, david elliott, TTV Capital, James Sowers, Hugo Barra, Index Ventures, Ashton Kutcher and 22 others. |
| What is BitPay's revenue? | BitPay's latest recorded revenue is $35M (May 2014). |
| What is BitPay's revenue multiple? | BitPay's latest valuation implies a 4.6x revenue multiple ($160M valuation on $35M of revenue). |
| Which companies are comparable to BitPay? | Companies comparable to BitPay include Coincheck Group, Lesaka Technologies, NHN KCP, CLICK, Euler and Flipside Crypto. |
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