Bitcoin-focused startup River Financial has raised $35M in a Series B funding round led by Kingsway Capital.
1/ Today I’m thrilled to announce the @River Series B $35mm fundraise, led by Kingsway Capital! This is one more step on our mission to champion an honest and robust financial system. https://t.co/pPOCyVYvNt
— Alexander Leishman 🇺🇸 (@Leishman) May 16, 2023
Other investors include PayPal co-founder Peter Thiel, Cygni, Goldcrest and Valor Equity Partners. Representatives of the startup did not disclose its valuation.
Based in Columbus, Ohio, the company offers a range of bitcoin-focused services: brokerage, custodial solutions, mining, wallets, and infrastructure elements for interacting with the Lightning Network.
The head of River Financial, Alex Leishman, is confident in a “new wave of interest in bitcoin,” which “this time is not a hype” and is largely driven by institutional adoption.
“The bankruptcies and bailouts this year have been a wake-up call that exposes cracks in the traditional financial system and reminds us why bitcoin is so important – it is a safe path to a stronger and more transparent global economy,” he said.
A start-up with a staff of 45 will use the funds raised to expand the range of services, invest in infrastructure products and mining.
In a previous Goldcrest-led round in March 2021, River Financial attracted $12 million.
In June 2020, the startup managed to receive $5.7 million in seed investments.
Earlier, Standard Chartered’s Zodia Custody, a cryptocurrency custodian arm, raised $36 million.
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