SA bitcoin payments startup Centbee raises fresh funding

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South African bitcoin cash wallet startup Centbee has raised additional funding from an Amsterdam-based venture capital (VC) firm to continue developing its products.

Launched in 2016 by co-CEOs Lorien Gamaroff and Angus Brown, Centbee launched its bitcoin cash wallet to market late in 2018, allowing users to send bitcoin cash directly to their phone contacts.

The startup last year closed a Series A funding round worth US$1.3 million to help it further develop its product and scale, and it has now added new investment from Amsterdam-based VC fund Two Hop Ventures.The deal comes after South Africa-based venture capital fund Paper Plane Ventures successfully exited to Two Hop. 

Two Hop co-founder Jan Smit said Centbee was one of the most used wallets in the BitcoinSV (BSV) ecosystem, and was also building products and services with a strong focus on regulatory compliance. 

“The senior management team comes from strong professional and corporate backgrounds including software engineering, banking, payments, accounting and finance. We believe its professionalism and strong business 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,” he said.

Angus Brown, co-CEO of Centbee, said the deal demonstrated the potential for Centbee and other BSV companies to deliver real value for 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 BSV blockchain and delivering world class app functionality to our users,” he said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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