Beepa Brazilian startup aiming to simplify financial transactions via Bitcoin, announced the successful closing of its seed investment round, raising 8 million reais (approximately $1.4 million).
Notable investors include New Form Capital. a venture capital fund focused on early-stage startups involved in blockchain technology and the financial market and Hivemind Ventures, which invests in bitcoin-focused startups, both of which made their first investment in the Brazilian market over the course of this cycle.
Founded in 2020 by Luiz Parreira, Bipa seeks to eliminate barriers to entry and promote the use of bitcoin by providing a user-friendly digital account connected to the PIX (Brazilian real) and Lightning (bitcoin) instant payment networks. According to a press release sent to Bitcoin Magazine, the startup aims to appeal to users who find the process of buying and selling Bitcoin difficult and find it difficult to understand exchange operations, catering to a larger audience. broad in search of simplicity and convenience.
The press release indicates that the funds raised will support Bipa’s expansion in the market, attracting new users and developing new business-to-consumer (B2C) products. Parreira said, “Our mission is to get people using the Bipa app paying for their coffee every morning.” Currently, bitcoin usage remains niche in Brazil, with Bipa focusing primarily on the local community. However, the company plans to expand its reach and bring the financial and technological revolution of bitcoin to more individuals.
To coincide with its growth plans, the Bipa unveiled a new visual identity, emphasizing its accessibility and simplicity. The redesigned brand features a spring-like “B” logo, symbolizing momentum, and employs a lively, colorful palette. Parreira hopes the rebranding efforts and improved user experience will encourage people outside the current Bitcoin ecosystem to join Bipa, with the goal of bringing more than 15 million Brazilians into the Bitcoin community.
According to data from the Investor X-Ray report of the Brazilian Association of Financial Entities and Capital Markets (Anbima), around 6 million Brazilians, or around 3% of the population, report investments in cryptocurrencies. With this round of investment, Bipa aims to tap into this market potential and become the go-to option for those looking for an entry point into the bitcoin industry.