What is Wirex?
Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, Wirex has established itself as a worldwide digital payment platform and a regulated institution. The company pioneered the world's first contactless payment card in 2015, enabling users to spend both cryptocurrencies and traditional currencies seamlessly. Wirex's core mission is to democratize digital money, making it accessible for everyday use through a secure and cost-effective service. Leveraging next-generation payment infrastructure integrated with cryptocurrency blockchains, Wirex offers a mobile app that allows over three million customers in 130 countries to store, buy, and exchange multiple currencies instantly at competitive rates. The platform supports transactions in over 54 million locations globally using the Wirex card, offering freedom and flexibility in managing digital assets. Wirex also introduced the 'Cryptoback' reward program, offering cardholders up to 1.5% back in Bitcoin on in-store purchases, and launched its native utility token, WXT, to provide holders with enhanced rewards and fee reductions.
How much funding has Wirex raised?
Wirex has raised a total of $7.8M across 2 funding rounds:
Series A
$3M
Angel/Seed
$4.8M
Series A (2017): $3M with participation from SBI Holdings, Inc
Angel/Seed (2020): $4.8M, investors not publicly disclosed
Key Investors in Wirex
SBI Holdings, Inc
SBI Holdings is a diversified Japanese financial services conglomerate with a broad portfolio spanning financial services, asset management, and biotechnology. Their investment in Wirex likely aligns with their strategic interest in digital assets and innovative payment solutions within the fintech sector.
What's next for Wirex?
With its recent major strategic investment, Wirex is poised for accelerated growth and further product development. The company's focus on regulatory compliance and securing necessary licenses across various regions indicates a commitment to sustainable expansion. Future initiatives are likely to involve enhancing its payment infrastructure, expanding its cryptocurrency and traditional currency offerings, and potentially broadening its global customer base. The introduction of its native WXT token and the Cryptoback reward program suggests a strategy centered on customer retention and incentivizing platform usage. This latest capital infusion will likely fuel innovation in its digital payment solutions, reinforcing its position as an industry pioneer.
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