Overview

Shakepay is a Canada-focused cryptocurrency platform that lets residents buy, sell, and manage Bitcoin and Ethereum through a mobile app or web interface. It earns revenue from transaction fees and bid–ask spreads on trades, and offers the Shakepay Card—a prepaid Visa that converts crypto to Canadian dollars at the point of sale for spending. The platform emphasizes security and user control, making transactions final and irreversible. Its goal is to help Canadians trade, hold, and spend crypto within a regulated, local environment.

Simplify's Take

What believers are saying

• Secures $44M Series A at $313M valuation led by QED in 2022.
• Grows 381% to 900,000 users with $6B volume in 2021.
• Joins Payments Canada on May 5, 2025, for national infrastructure access.

What critics are saying

• Wealthsimple Crypto erodes users with zero-commission trades in 6-12 months.
• OSFI 2026 regulations mandate capital reserves, crippling self-custody model.
• Interac fee hikes in Q1 2026 raise e-Transfer costs, driving users to banks.

What makes Shakepay unique

• First Québec-based crypto exchange earns CIRO investment dealer status.
• Launches Shakepay Card with 2% bitcoin cashback for spending crypto.
• Offers Shakepaid rewards up to $1000 bitcoin on deposits.

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Funding

Total Funding

$33.1M

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

$30M

$32.3M

View all funding stages