Sydney fintech CryptoSpend is looking to raise $5 million in a Series A as it sets its sights on expanding into Asia and New Zealand.
CryptoSpend launched the first Australian native crypto Visa card in late 2021, allowing users to spend their crypto as cash.
Existing backers include fintech veteran Andrew Porter, and the company is seeking backers with a valuation between $30 million and $50 million.
The fintech emerged from the UTS Startups hub, where co-founders Andrew Grech and Richard Voice met and set out to create crypto a mass market option for consumers.
The app allows people to pay bills, send crypto or cash out to Australian dollars. The CryptoSpend has now 17,000 active customers and the company is targeting international expansion in 2023, in addition to addition at least eight new members of the team.
Grech, the CEO, said CryptoSpend performed strongly despite a series of industry problems over the past 12 months, including a number of notable stock market crashes.
“Despite the industry downturn we experienced in 2022, we have been able to deliver tremendous growth – highlighting how the adoption of people using their crypto to spend money is on the rise,” he said.
The company also hopes to move into new offices on George Street, in Sydney’s CBD, later this year and ramp up its product offering with a web-based platform, more rewards programs and the onboarding of more networks and tokens. on the existing rewards cooperation with Ripple.
Grech said she have a wide range of customers, from those using their Cryptospend card to tech-savvy crypto traders who regularly use our app to buy and spend their favorite popular crypto.
Voice, the company’s chief operating officer, said they have noticed a shift in crypto purchases towards more mundane products.
“We have seen more and more Australians turn to crypto for groceries and online shopping, as well as entertainment such as cinema tickets, as spending patterns continue to evolve among our customers. We have witnessed a shift from luxury items that were so popular in the past to everyday items,” he said.
“We plan to deliver the same opportunities in markets like New Zealand and parts of Asia in 2023 as crypto remains a favorite currency to trade and spend among new and old users.”