Overview

Shakepay is a digital currency platform based in Canada that enables users to buy, sell, and manage Bitcoin and Ethereum quickly. The platform is designed for both beginners and experienced users, providing a mobile app and web interface that makes cryptocurrency transactions easy. Users can trade cryptocurrencies and pay transaction fees on their buy and sell orders. A standout feature of Shakepay is the 'Shakepay Card,' a prepaid Visa card that allows users to spend their cryptocurrency directly, converting it to Canadian dollars at the time of purchase. The company focuses on security and gives users control over their digital assets, ensuring that all transactions are final. Shakepay exclusively serves Canadian residents and complies with local regulations, distinguishing itself from competitors that may operate in multiple countries.

Simplify's Take

What believers are saying

• Shakepay's new everyday payments feature meets growing demand for affordable financial services.
• The $44 million Series A funding supports expansion of Bitcoin-focused products.
• Increased cryptocurrency adoption among Canadian retailers offers new partnership opportunities for Shakepay.

What critics are saying

• Increased competition from Canadian fintech companies could erode Shakepay's market share.
• Volatility in Bitcoin and Ethereum prices poses risks to Shakepay's revenue model.
• Regulatory changes in Canada could impact Shakepay's operations and compliance costs.

What makes Shakepay unique

• Shakepay offers a unique Shakepay Card for real-time cryptocurrency spending in Canada.
• The platform provides seamless Interac e-Transfers within Canada, enhancing user convenience.
• Shakepay emphasizes security and user control, ensuring all transactions are final and irreversible.

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Funding

Total Funding

$32.2M

Above

Industry Average

Funded Over

2 Rounds

$32,270,000

Series A

Jan 2022

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Above Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$8.2M

$15M

$32.3M

$100M

View all funding stages