Bitcoin technology and financial services startup River has secured $35 million in its Series B funding round, led by Kingsway Capital.
According to a press release from the company, the funding round also attracted several prominent investors, including Peter Thiel. Others who backed the startup’s financing round were Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.
The company will use the funding to expand its product range and marketing efforts, as well as hire new employees.
Peter Thiel backs River’s Bitcoin plans
Peter Thiel is a well-known venture capitalist and entrepreneur. Some of his early investments included in companies that have grown to become global giants, such as PayPal, Facebook (now Meta), and SpaceX. Before he reportedly dumped his crypto fortune, Thiel was a vocal advocate for Bitcoin and had said that he believes Bitcoin has the potential to revolutionise the global financial system.
The investment from Peter Thiel and other prominent investors is a major endorsement for River and its mission to make Bitcoin more accessible to everyone. River is well-positioned to become a leading player in the Bitcoin industry and to help usher in a new era of financial freedom.
Alex Leishman, CEO of River, commented on the funding round, noting in a statement that Bitcoin is seeing renewed interest as more businesses and institutions adopt it. He however noted that this interest is not fueled by hype but rather the realisation of the flaws within the traditional financial system. He explained:
“This year’s bank failures and bailouts have been a wake-up call, revealing the cracks of the traditional financial system and reminding us why Bitcoin is so important—it’s a secure path to a stronger and more transparent global economy. Adopting Bitcoin with a trusted partner is no longer the speculative choice, but rather the prudent one.”
Founded in 2019, River has rapidly established itself as a Bitcoin technology and financial services company. It offers a user-friendly mobile app and website, River.com, providing a comprehensive suite of Bitcoin brokerage, custody, and mining services to its clients. It also supports on-chain and Lightning Network transactions.
Last year, River introduced River Lightning, an enterprise API designed to facilitate seamless integration with the Lightning Network. Several cryptocurrency applications, including El Salvador’s Chivo wallet, have already incorporated River Lightning to enable instantaneous Bitcoin payments.
The company plans to use a portion of the newly secured funding to expand its B2B River Lightning product.
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