Fold Raises $13 Million to Offer BTC Rewards
2 min read
Leading BTC rewards app, Fold, has recently completed a $13 million series A investment round led by Craft Ventures, with participation from M13, Slow Ventures and Bessemer Venture Partners. The proceeds will be used to cultivate Fold’s growth.
Since Fold’s launch in 2019, over 250,000 joined the waiting list for the BTC cashback debit card.
Fold is looking to offer its BTC cashback debit card to all US residents. In lieu of points and airline miles that are common in most card programs, Fold offers a gamified way to earn BTC rewards that encourages healthy financial habits. After each qualifying purchase, cardholders are eligible to spin a rewards wheel, which includes rewards such as a 100% cashback in BTC or even a whole BTC.
We’ve pioneered BTC rewards to make BTC accessible to everyone. Between the appreciation of BTC and our generous rewards, people have earned more money in their Fold rewards account over the last few months than they have in the savings accounts they’ve been building for years.
Will Reeves, CEO of Fold
More than 20,000 cardholders took part in the Fold Card early access program with nearly $100 million in transactions since launch in last year’s November.
Will and the Fold team are transforming personal finance, making it more fun and more rewarding. People don’t want points they can’t price, transfer or easily redeem. People want BTC.
Brian Murray, Partner at Craft Ventures
Fold will be using capital to build out their rewards platform that allows all credit and debit cards in the US to offer BTC rewards. Moreover, Fold is looking to offer a BTC rewards credit card in the latter half of 2021.
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