SAN FRANCISCO, May 28, 2020 /PRNewswire/ -- Today, the Stellar Development Foundation (SDF) announced the closing of a strategic investment of $550K in SatoshiPay, a platform for connecting the world through instant payments.
SatoshiPay, a FinTech company based in London and Berlin and founded in 2014, was one of the earliest adopters of Stellar. Launching their business with an innovative solution for micropayments for publishers, they created a new way to monetize content through frictionless nanopayments by leveraging blockchain technology. Six years later, they've expanded their product suite to include a B2B solution for cross-border payments as well as a digital wallet for financial inclusion.
"As one of the first businesses on Stellar, SatoshiPay has demonstrated how this technology enables innovation, leveraging the network to create a growing platform for instant global payments," said Denelle Dixon, SDF CEO and Executive Director. "Their use cases speak to the scalability and sustainability and growth opportunities for businesses building on the network. We're proud to support their growth with this investment."
SatoshiPay's products have proven traction in the market with a unique, global network of clients and partners. Their landmark product for micropayments has processed over 650,000 euros from over 200,000 accounts. The SatoshiPay wallet, Solar, has over 25,000 downloads in 40 countries.
With B2B transfers expected to reach a $218 trillion valuation in the next three years, SatoshiPay's latest solution for B2B cross-border payments positions the company to accelerate growth. The solution is designed for commercial payments, allowing businesses to make commercial payments to vendors across borders.
"With a surge in demand for instant B2B payments, and blockchain maturing and enabling a payments revolution, we believe we have a head start through our proven, scalable blockchain business model," said SatoshiPay CEO, Meinhard Benn. "Our growth over the years wouldn't have been possible without SDF, who has been an essential partner to us in the development of our technology which continues today with this investment."
The investment of $550K, paid in lumens, marks the third investment made by SDF through their Enterprise Fund.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4 million accounts.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology.
SatoshiPay offers solutions for B2B cross-border money transfer and frictionless micropayment processing through its blockchain-based instant payments platform. The company was founded in 2014 and is headquartered in London, with development led through its Berlin office. SatoshiPay is backed by Europe's largest digital publishing house Axel Springer and San Francisco-based Stellar Development Foundation. Find frequent updates at satoshipay.io and Twitter @SatoshiPay.
SOURCE The Stellar Development Foundation