Align Commerce, a B2B payments startup, announced that it raised over $12.5 million during its latest funding campaign.
The Series A round was led by Silicon Valley investment firm Kleiner Perkins Caufield & Byers. The new addition to the group’s profile marks its first investment in the bitcoin community.
“We were looking for applications of the blockchain [the technology that powers Bitcoin] for the last couple of years in ways that could build real businesses and add real value that weren’t at the mercy of the currency valuation which will move up and down and all over the place,” said KPCB general partner Randy Komisar.
Komisar will be joining the startup’s board of directors.
Align Commerce is quickly making a name for itself in the emerging payments sector. After launching in 2014, the establishment now offers its services in over 60 countries. Its products include seamless and low-cost wire transfers through the application of blockchain technology.
Most of the company’s customers are SMBs, freelancers and tech startups that are looking for effective ways to cut down on transaction fees. Compared to traditional banking options, the company provides a frictionless experience with business integration and transaction updates.
“Every year, banks charge small businesses $50 billion in wire and foreign exchange fees. Imagine a highly simplified experience in which proceeds from the savings in fees are injected back into the economy, thus contributing to additional employment, business spending and other avenues,” explained Marwan Forzley, CEO of Align Commerce.
“This Series A round of funding from KPCB allows us to expand our solution into more markets, and bigger geographical coverage.”
Earlier this year, the startup completed an undisclosed seed funding round with Barry Silbert’s Bitcoin Opportunity Corp, Adam Draper-led Boost VC and hedge fund Pantera Capital.