Amsterdam-based venture capital fund Two Hop Ventures has announced that it has taken a stake in Johannesburg-based Bitcoin SV (BSV) wallet and merchant payment startup Centbee.
Centbee is growing globally from its base in South Africa. The deal comes after South African-based venture capital fund Paper Plane Ventures successfully exited to Two Hop.
Centbee was in the news last year when it raised £1 million in a Series A round from Canadian-born billionaire entrepreneur Calvin Ayre.
“Not only is Centbee one of the most used wallets in the BitcoinSV (BSV) ecosystem, it’s building products and services with a strong focus on regulatory compliance. The senior management team come from strong professional and corporate backgrounds including software engineering, banking, payments, accounting and finance,” Two Hop co-founder Jan Smit, said.
“We believe its professionalism and strong businesses acumen will enable Centbee to branch into many adjacent services and geographies which competitors are less likely to address. The Two Hop team is looking forward to supporting the Centbee team on this journey.”
Michael Stannard of Paper Plane Ventures said, “We’re proud to have supported Centbee from its early days as a small start-up to becoming a formidable player in the crypto-asset space. We look forward to watching the fintech grow.”
Angus Brown, co-CEO of Centbee added, “This deal demonstrates the potential for Centbee and other BitcoinSV (BSV) companies to deliver real value for both investors, industry stakeholders and consumers. We’ve enjoyed a high user growth rate and have a clear path to revenue. With Two Hop’s support, we’ll continue building more utility into our products by leveraging the BitcoinSV (BSV) blockchain and delivering world-class app functionality to our users.”
