Wirex Raises $3 Million in Series A Funding

FinTech | March 9, 2017 By:

Bitcoin-powered debit card provider Wirex has announced a $3 million investment from Japan’s SBI Group.

Wirex will use the money to fund the development of new features — including contactless bitcoin payments and multiple-currency cards — as well as investing in security, regulation, and marketing. It expects to launch a contactless bitcoin payment system by September this year.

Wirex cofounder Pavel Matveev said he would use the “strategic” partnership with SBI to push its expansion plans in the Asia Pacific region.

“Japan is a key market for bitcoin-compatible financial products and services, and one of our fastest-growing customer bases,” said Matveev.

The Tokyo-based SBI Group last year announced the establishment of a fintech research facility that handles research for both academic and practical applications. The company also operates a distance learning school.