UK-based bitcoin payments app Bottlepay has closed an £11 million seed round from investors including acclaimed fund manager Alan Howard.
Howard put down roots in the sector back in 2019 when he set up Elwood Asset Management, which manages an equity index focused on crypto and blockchain.
Alongside Howard in Bottlepay’s £11 million raise were past and present Goldman Sachs partners, the venture capital firm FinTech Collective, investment firm NYDIG and tech entrepreneur Phil Doye.
The raise gives Bottlepay a post-money valuation of £51 million. The money will go towards growing the team, as well as expanding the app’s geographical reach.
Bottlepay’s app facilitates instant payments in a range of currencies, including bitcoin, as can be used for payments, donations and tips, according to a press release. The firm’s aim is to make micropayments and cross-border transactions viable by cutting costs.
The app also facilitates “social payments”, which can be actioned through a single post on Twitter, Reddit or Discord.
“Today’s consumer wants to be able to transact freely and easily, without the restrictions of a traditional bank,” said Mark Webster, CEO of Bottlepay. “We believe that with this cash injection, we can build a leading company in this rapidly growing space which will allow people to send, spend and receive payments in a way that works best for them.”