Bitcoin financial services provider River Financial has recently gotten its fingers on roughly $12 million in equity through a Series A funding round.
River Financial Is On a Serious Roll
The event was hosted by Goldcrest Capital and saw the participation of several additional money giants including M13, Castle Island, the Kraft Group, Slow Ventures and Craft Ventures. The company – which is based in San Francisco, California – says it’s planning to use the money to grow its financial services division for traditional investors.
The company has been on a roll since the summer of last year. Initially, River Financial earned $5.7 million through a seed round last June. With its latest monetary boost, the company has experienced growth of approximately 600 percent. In addition, order volumes are up by roughly 3,500 percent since last year.
Much of the company’s expansion has come by way of its iOS app, which presently accounts for more than 30 percent of the firm’s order volume – a figure that was accumulated within five short weeks of the product’s launch. The business has also seen its list of clients grow to unprecedented levels largely due to the expansion of bitcoin’s price. At the time of writing, the world’s number one digital currency by market cap has again surged to its all-time high of roughly $57,000 per unit.
CEO of River Financial Alex Leishman claimed in a recent statement:
Bitcoin is on a trajectory to becoming a global reserve asset, and we are building the financial services that our clients will need for that future.
Some of the features that River Financial focuses on include account statements and traditional financial tooling, which the company believes is just as important as bitcoin and crypto tools given that they help to keep one’s portfolio fully diversified.
Co-founder and COO of the firm Andrew Benson also put his two cents in, claiming that most of the clients working with River Financial are over the age of 50, thereby suggesting that many people are now beginning to potentially examine crypto as a retirement solution. He also thinks that cryptocurrency can help many of the country’s underbanked, which he states is a considerably larger group than one might think.
Growing the Bitcoin Agenda
He comments:
River’s mission is to bring bitcoin to investors around the world. Even as global interest in bitcoin grows rapidly, most Americans over the age of 45 who want bitcoin still don’t own any. River is helping to fix that by creating familiar, high-end financial solutions for investors who are new to bitcoin.
River Financial is still quite new to the crypto world, having only been founded two years ago in 2019. Right now, the firm’s staple product is a crypto brokerage designed to give both retailers and institutional investors alike the opportunity to purchase large stakes in bitcoin.