Shakepay Raises $44M to Let More Canadians Buy, Sell and Earn Free Bitcoin

Montreal-based Shakepay announced yesterday it had raised $44 million CAD in Series A funding, to allow it to ramp hiring and scaling of its business that allows Canadians to buy, sell and earn free bitcoin.

The latest funding round was led by US-based venture capital firm QED Investors, with partner Matt Burton from the latter set to join Shakepay’s board of directors. Prior to this funding Shakepay had raised approximately $1 million to date.

“I am extremely excited to partner with Shakepay for the next stage of growth,” said Matt Burton, Partner at QED Investors, in a statement. “Shakepay has been able to build a very passionate community and find product market fit on multiple product lines, which is rare in today’s competitive environment.”

Shakepay says 2021 saw a surge in growth, as it surpassed $6 billion in total volume, increasing 381 per cent to over 900,000 customers. It also increased its employee base from 20 to 75 across Canada.

“We launched Shakepay to change the way Canadians access and engage with bitcoin,” said Jean Amiouny, Co-Founder and CEO of Shakepay, in a statement. “As an ex-operator, Matt brings a wealth of relevant experience in the fintech industry, and we are looking forward to working with him to continue driving Shakepay’s goals forward.”

Shakepay says the extra funding will allow it to “bring additional products to market”. The service allows Canadians to easily buy and sell bitcoin and ethereum, with easy funding through Interac e-Transfers. The mobile app allows Canadians to earn free bitcoin by ‘shaking’ their devices daily.

Click here to sign up for Shakepay and get $30 free when you buy your first $100 of crypto.

Disclosure: Shakepay is an affiliate partner of iPhone in Canada and allows readers to support the site.