San Francisco-based Bitcoin financial institution River Financial has just closed a US$12 million Series A equity financing round. What comes after is the company resuming the growth of its financial service offerings for traditional investors.
Goldcrest Capital was responsible for leading the investment round, with Craft Ventures, M13, Castle Island, Polychain Capital, Slow Ventures, and The Kraft Group as the participating parties.
The financial institution announced a US$5.7 million seed round back in June 2020. Around nine months after the seed round announcement, the client base has increased by nearly 600% and order volumes have grown by a whopping 3,500%.
River’s latest iOS app has played a role in speeding up the company’s growth, with more than 30% of all the order volume coming from the app within five weeks since its launch.
As the global interest in Bitcoin grows rapidly, so did River’s customer base and order volume as they continue to grow exponentially month after month. Due to social disturbances, inflation anxiety and recent elections, many traditional investors decided to look to Bitcoin and River.
The firm is pouring investments into team growth and product development. Co-founder and CEO of River Financial, Alex Leishman said:
“Bitcoin is on a trajectory to becoming a global reserve asset, and we are building the financial services that our clients will need for that future.”
More and more high-end clients, who are put off by the incumbent solutions, are lured in by the premium client services and traditional financial tooling (which includes tax lot tracking and account statements) that River focuses on.
Most of the volume on River is driven by clients older than 50. Andrew Benson, the co-founder and COO of River Financial, is not completely forgetting the large yet neglected part of the population however.
“River’s mission is to bring Bitcoin to investors around the world. Even as global interest in Bitcoin grows rapidly, most Americans over the age of 45 who want Bitcoin still don’t own any. River is helping to fix that by creating familiar, high-end financial solutions for investors who are new to Bitcoin,” said Benson.
River Financial is a fintech company that specializes in building tools and services for long-term Bitcoin investors. Bitcoin brokerage, its flagship product, is a high-end platform for sophisticated retail investors to buy and sell Bitcoin.
