NEW YORK, April 11, 2019 /PRNewswire/ -- Flexa, the pioneering payment network uniting retail and blockchain technologies, announces today that it has raised $14.1 million in funding, led by Pantera Capital, 1kx, Nima Capital, Access Ventures, and other strategic partners. The funding announcement precedes the company's public launch in May 2019.
The Flexa network enables retailers to take control of their own payments by reducing costs, overhead, and fraud through frictionless, instantaneous, and reliable blockchain-based settlement. Flexa's upcoming mobile app also helps customers make practical use of the cryptocurrencies they already own, unlocking the hundreds of billions of dollars stored in the global crypto ecosystem.
"The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa's going to change that, and very quickly," said Tyler Spalding, Co-Founder and CEO of Flexa. "With this funding, we'll continue to develop our network infrastructure to support our retail network and strategic partners."
"Flexa is one of those extremely rare applications in the cryptocurrency space that actually touches consumers in an impactful way while also solving a major problem of high fees in payments today," said Joey Krug, Chief Investment Officer at Pantera Capital. "I'm excited to see people actually be able to spend their crypto!"
Flexa will announce a major product rollout in May, at the Consensus conference in New York City.
Flexa was founded in 2018 to make payments between buyers and sellers more efficient, accessible, and affordable for the very people doing the buying and selling. Based in New York, the Flexa team—with founders Tyler Spalding, Trevor Filter, Zachary Kilgore, and Daniel McCabe—brings decades of experience building consumer payments products to bear on the nascent and thriving ecosystem of cryptocurrencies and digital assets. Learn more about Flexa online at flexa.network.