Japan-based cryptocurrency exchange platform BitFlyer has raised ¥3bn ($27m) in a series C round backed by SBI Investment, the corporate venturing arm of financial services firm SBI Group, according to Nikkei.
Venture Labo Investment and undisclosed addtional investors also took part in the round, which increased BitFlyer’s funding to $34.9m to date.
Founded in 2014, BitFlyer operates a marketplace for cryptocurrencies Bitcoin and Ether. The company has also created a payment processing service that enables e-commerce companies to accept Bitcoin.
The cash will go towards human resources and will drive European expansion through a newly established Luxembourg-based subsidiary. BitFlyer will also use the money to strengthen its market position in Japan.
BitFlyer raised $4m in August 2015 from Dentsu Digital Holdings, a subsidiary of marketing company Dentsu; insurance provider Mitsui Sumitomo Insurance; Mitsubishi UFJ Capital, the VC arm of financial services firm Mitsubishi UFJ; news provider Quick and Venture Labo.
The company had secured $1.1m from Recruit Strategic Partners and GMO Venture Partners, the respective investment vehicles of human resources firm Recruit Holdings and internet holding company GMO Internet Group, as well as Bitcoin Opportunity Corp three months earlier.
Incubate Fund, East Ventures and Digital Currency Group are also existing investors in BitFlyer.