About Bitnet
Bitnet is a Financial Services company based in San Francisco (United States) founded in 2014, and was acquired by Uphold in October 2016. It operates as a bitcoin payment gateway is provided for merchants accepting digital currencies. Bitnet has raised $16 million across 2 funding rounds from investors including Uphold, Highland Capital Partners and Webb Investment Network. The company was acqui-hired. Its focus areas include FinTech, Cryptocurrencies, Payments and Business Payments. Its competitors include Simplex, ACINQ, Helio, CoinPayments and Coinflow and 5 more; 10 of its 10 listed competitors have raised funding.
Company details
Bitnet provides a bitcoin payment gateway that enables merchants to accept bitcoin and other digital currencies as payment in exchange for goods and services. Building an industrial grade platform to provide a global payment processing service for enterprise-class merchants such as airlines, digital content publishers, retailers and marketplaces to reach consumers anywhere in the world in a cost-effective manner. Bitnet is modelled after the payments platform CyberSource. Merchants that adopt Bitnets service also integrate its application programming interface. Merchants receive their funds in up to five days. Those that elect to receive bitcoin get the currency immediately. Has customers such as CardinalCommerce Corp. Has a second office in Belfast, UK.
Funding Insights of Bitnet
Bitnet has successfully raised a total of $16M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $1.5 million completed in February 2015. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $16M
- Total Rounds 2
- Last Round Series A — $1.5M
- First Round $14.5M
(Oct 2014)
- Investors Count 10
All 2 funding rounds of Bitnet with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb 2015 | $1.5M | Series A | – | – | – |
| Oct 2014 | $14.5M | Series A | – | Highland Capital Partners |
11 investors in total: 7 institutional and 4 angel.
Investors in Bitnet
Bitnet has secured backing from 11 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Uphold, Highland Capital Partners and Webb Investment Network.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Venture capital investment and entrepreneur support services. | – | hcp.com | - | |
VC firm investing in the US | – | winfunding.com | San Francisco, United States | |
Venture capital firm investing in the blockchain sector | – | blockchain.capital | San Francisco, United States | |
Investment in retail and financial services technologies. | – | commerce.vc | - | |
Venture capital firm focused on technology, fintech, e-commerce, mobility platforms, and multiple sectors | – | capital.rakuten.com | Setagaya City, Japan | |
Provides comprehensive financial advisory services, including planning, analysis, and wealth management solutions. | 2014 | buchanancapital.com | Oklahoma City, United States | |
App-based wallet and exchange platform for cross-border money transfers | 2013 | uphold.com | London, United Kingdom | |
SP Stuart Peterson | Angel investor, co-founder of ARTIS Ventures, focusing on tech and healthcare startups. | – | unknown_97757b00b26e48b78 | - |
BM Bill McKiernan | Angel investor in Indian startups, ex-Microsoft executive, supports tech innovation | – | unknown_4f634c2873044992b | - |
JM Jack McDonnell | - | – | unknown_f8f3df21d8164010b | - |
Investor details for Bitnet
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Bitnet
115 people are tracked at Bitnet (39 in leadership, 76 in team).
| Name | Role | Group |
|---|---|---|
Michelle Quinn | Director Comms & Community | Leadership |
Phil Glover | VP Enterprise Strategic Accounts | Leadership |
Francisco Cardoso | VP Of Engineering | Leadership |
Kevin Heller | Head Of Product | Leadership |
Simon McLoughlin | CEO | Leadership |
André Pires | Head Of Digital Payments | Leadership |
Filipe Dias | Chief Delivery Officer | Leadership |
Ashley Senior | Head Of Trading | Leadership |
Cem Miralay | CEO - Consumer Division | Leadership |
Rui Silva | Chief Product Officer, Consumer | Leadership |
Nancy Beaton | President Uphold U.s.; Chief Revenue & Marketing Officer Uphold Global | Leadership |
Anthony Johnson | Chief Operating Officer | Leadership |
Chris Adjei-Ampofo | Chief Information Officer | Leadership |
João Veiga | VP Of Product | Leadership |
Rosa Carvalho | Head Of Quality Assurance | Leadership |
Filipe Cunha | Vp, Operations - Customer Service | Leadership |
Heather Shepard | Director, Talent Acquisition | Leadership |
Holly Goodhart | Vice President Product Marketing | Leadership |
Marco Oliveira | Chief Innovation Officer | Leadership |
Duncan Smith | Chief Risk Officer (cro) | Leadership |
95 more people are available in the full profile.
Complete people profiles for Bitnet
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Timeline of Bitnet
4 dated milestones of Bitnet across 2 years, from founding to its latest funding, stage changes and deals.
- Founded Bitnet is founded.
- Funding First funding round of $14.5M.
- Funding Latest funding round, Series A, of $1.5M.
- Exit Acquired by Uphold.
Competitors of Bitnet
Bitnet has 10 listed competitors in our database, 10 of them funded. They include Simplex, ACINQ, Helio, CoinPayments and Coinflow, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| simplex.com | 2014 | Ramat Gan, Israel | $8M | 2 | AI-based crypto payments and fraud prevention are provided for businesses. | |
| acinq.co | 2014 | Paris, France | $9.7M | – | Crypto payment solutions are offered to businesses through API integration. | |
| hel.io | 2022 | London, United Kingdom | $3.3M | – | Seamless crypto checkout solutions are provided for merchants. | |
| coinpayments.net | 2013 | Vancouver, Canada | $30.1M | – | Cryptocurrency payments are facilitated through a merchant gateway. | |
| coinflow.cash | 2022 | Chicago, United States | $28.7M | – | Crypto-to-fiat payment solutions are provided to web3 companies. | |
| januar.com | 2017 | Copenhagen, Denmark | $10.59M | 15 | Financial infrastructure is provided for crypto businesses managing global payments. | |
| avaprotocol.org | 2021 | San Francisco, United States | $10M | – | Private autonomous transactions for Web3 are provided by Ava Protocol. | |
| neutronpay.com | 2018 | Vancouver, Canada | $3.75M | 4 | Payment gateway solutions for businesses are provided via Bitcoin Lightning. | |
| voltage.cloud | 2020 | Wichita, United States | $6M | – | Crypto payment acceptance solutions are provided for e-commerce via APIs. | |
| kotanipay.com | 2021 | Nairobi, Kenya | $2M | – | AI-backed payroll management platform for gig workers |
Detailed competitors of Bitnet
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Top companies in Cryptocurrencies
10 companies that operate in the same segment as Bitnet (Cryptocurrencies), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Cross-border cryptocurrency payments for businesses are enabled through APIs. | 2013 | Boston, Massachusetts, United States | USD 1.51 B | USD 2.75 B | – | |
Online exchange platform for cryptocurrency | 2017 | Ta Xbiex, Malta | USD 2.02 B | – | – | |
App-based platform for exchange and trading solutions for cryptocurrency | 2011 | London, England, United Kingdom | USD 700 M | – | – | |
Terraform Labs is engaged in blockchain technology development. | 2018 | Singapore, Singapore | USD 57 M | – | – | |
Ledger is recognized for providing secure cryptocurrency hardware wallets. | 2014 | Paris, France | USD 575.4 M | – | – | |
App-based wallet and exchange platform for cross-border money transfers | 2013 | London, England, United Kingdom | USD 73.36 M | – | – | |
Cryptocurrency trading, storage, and exchange services are offered online. | 2012 | San Francisco, California, United States | USD 546.62 M | USD 7.18 B | 3,770 | |
Cryptocurrencies are traded and exchanged through an online platform. | 2014 | Mexico City, Mexico | USD 331.35 M | – | – | |
Decentralized exchange platform for cryptocurrency trading is operated. | 2018 | New York, New York, United States | USD 176 M | – | 85 | |
Mobile app for storing and trading cryptocurrencies is utilized. | 2013 | London, England, United Kingdom | USD 13 M | – | – |
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Frequently Asked Questions about Bitnet
Bitnet was founded in 2014.
Bitnet is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Bitnet is a funded company, having raised a total of $16M across 2 funding rounds to date. The company's 1st funding round was a Series A of $14.5M, raised on Oct 2014.
Bitnet provides a bitcoin payment gateway that enables merchants to accept bitcoin and other digital currencies as payment in exchange for goods and services. Building an industrial grade platform to provide a global payment processing service for enterprise-class merchants such as airlines, digital content publishers, retailers and marketplaces to reach consumers anywhere in the world in a cost-effective manner. Bitnet is modelled after the payments platform CyberSource. Merchants that adopt Bitnets service also integrate its application programming interface. Merchants receive their funds in up to five days. Those that elect to receive bitcoin get the currency immediately. Has customers such as CardinalCommerce Corp. Has a second office in Belfast, UK.
Bitnet's top competitors include Simplex, ACINQ and CoinPayments.
Bitnet has 11 investors. Key investors include Uphold, Highland Capital Partners, Webb Investment Network, Blockchain Capital, and Commerce Ventures.
Yes. Bitnet was acquired by Uphold in October 2016.