US-based payment services provider Align Commerce raised $12.5m in a series A round yesterday featuring Recruit Strategic Partners, the corporate venturing arm of human resources firm Recruit.
Digital Currency Group, a cryptocurrency holding firm backed by investors including Transamerica Ventures, which acts as the corporate venturing arm of insurance provider Aegon, insurance firm New York Life and payment services company Mastercard, also took part in the round.
Kleiner Perkins Caufield and Byers (KPCB) led the round, while Silicon Valley Bank, Pantera Capital and FS Venture Capital were among the participants.
Align Commerce uses a combination of traditional bank wires and the blockchain technology best known for powering cryptocurrency bitcoin to facilitate US domestic and international bank transfers with low fees. The platform is aimed at small and medium-sized enterprises.
Align currently has offices in the US, UK, Canada and the Philippines and will use the money to expand into additional markets. Randy Komisar, general partner at KPCB, will join Align’s board of directors.
Align raised an undisclosed amount in an April 2015 seed round backed by Bitcoin Opportunity, Boost VC, Pantera Capital, Bayhill Capital Management, Nyca Investment, Pivot Holding, Fenway Summer, R3 and Whittemore Collection.
Bitcoin Opportunity and other unnamed backers were reported in January 2015 to have invested in Align, though it is unclear if that was a commitment to the aforementioned seed round or a separate investment.