An Australian startup digital asset payment business, which started the first native crypto Visa card in the country, is planning to double its valuation.
CryptoSpend holds fundraising with an aim to double its value by the time its funding rounds close in April.
Doubling valuation to Australian $50 million
Richard Voice and Andrew Grech, CryptoSpend co-founders, revealed that they are seeking A$5 million (approx. $3.5 million in today’s exchange rate), in Series A funding at a value between A$30 million and A$50 million.
Voice, who is also the Chief Operations Officer of the firm, said during an interview in Sydney that the crowdfunding is an opportunity for their business to grow.
“This is the right time for us to go out and raise to scale and expand the business to meet the demand we are currently experiencing,” Voice said.
Since the second quarter of last year, the company’s sales have increased sixfold, and the client base has grown to nearly 17,000.
The firm that launched crypto Visa card
Voice also revealed that they are planning to also launch their service in New Zealand this year.
CryptoSpend, which launched the native crypto Visa card in the last quarter of 2021, enables users to spend virtual currency.
After last year’s crypto meltdown and the spread of the FTX exchange’s demise, it has become more difficult for digital asset enterprises to get capital.
In 2022, venture capital investments in Australia fell by a third.