Georgia’s CityPay.io, a cryptocurrency payments start-up, has raised a Seed funding round of more than €2 million, which includes $500k investment in cryptocurrency. Investors in the round include Tether, Presto Ventures, and angel investors. Funding will help escalate the expansion into CIS region and other markets, as well as see the development of a B2C platform.
The fintech, founded by Eralp Hatipoglu (CEO) and Beka Kemertelidze, allows businesses to receive payments in crypto via one of four channels - web payment integration, POS terminals for location-based companies, e-mail billing for one-time payments, and initial depositing for individuals. The payments are converted to fiat.
"We are excited to be working with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia. Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step towards achieving that goal," says Paolo Ardoino, CTO, Tether.
"Over the last two years, CityPay.io has been developing the crypto market as a whole, in Georgia and beyond. In this time, we have significantly shaped the culture of crypto purchases for everyday products and services. We are honoured to be supported by Presto Ventures and Tether as we continue to scale up, with our core mission in mind – to make everyone part of the crypto world," says Hatipoglu.