Crypto Mobile Refill Service Bitrefill Raises $2M USD In Funding

Investing, News | June 14, 2019 By:

Bitrefill, the prepaid phone payment provider, has raised $2 million in a seed funding round led by Coin Ninja. Liecoin maker Charlie Lee, Fulgur Ventures, and BnkToTheFuture also participated in the round.

Bitrefill offers prepaid mobile airtime recharge services on global scale. The company’s API allows users of businesses and organizations to access 500 carriers in 127 countries. They settle payments with their customers, be it a consumer or an API-partner, in bitcoin.

The latest funding will be used to expand to other markets and launch new products. It will also be used to make new hires, mainly expanding the staff of the Stockholm headquarters.

“We see it as a big token of trust that investors from the btcoin and broader cryptocurrency community have chosen to put their money behind us and support us in our growth journey,” said Bitrefill founder and CEO Sergej Kotliar.

Earlier this year, Bitrefill launched a new service that seeks to simplify the process of setting up payment channels on the Lightning Network, a payment protocol operating as a second layer bitcoin blockchain. Dubbed “Thor Turbo,” the service aims to sufficiently speed up transactions on the Lightning Network, which can normally demand up to an hour to initialize a lightning channel.