Kenya’s BitPesa Raises $1.1M | Expands to Ghana, Uganda & Tanzania

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spending-bitcoinsKenya’s BitPesa, a Bitcoin to Kenyan Shilling (KES) remittance service has closed a follow-on round of $1.1M to fuel its operations in Kenya, Ghana and as well expand into Tanzania and Uganda in an African expansion move.

The two year old compnay started sales of Bitcoin in Kenya and Ghana.  says the latest raise was led by Pantera Capital Management LP,  Crypto Currency Partners LP, Stephens Investment Management LLC, and its existing shareholders: the Bitcoin Opportunity Corporation and Future/Perfect Ventures, among others.

With the raise, BitPesa adds Dan Morehead of Pantera Capital Management LP to its Board of Directors and will start its regional expansion  to fill the growing demand for low-cost international transfers. BitPesa said its November raise brought its 2014 total equity to over $1.7M.

In a blog post, Elizabeth Rossiello, the CEO / Founder, BitPesa said “Keep an eye-out for our fresh new site design and launch of Bitcoin buy/sell in Tanzania and Uganda in the next few weeks – as BitPesa keeps up the pace making the fastest, easiest and lowest-cost international transfer products for Africa.”