Bitcoin Payment Service Provider Bitnet Technologies Raises $14.5 Million

Journalist:
October 20, 2014

Bitnet Technologies, a digital commerce platform enabling enterprise-scale merchants to accept Bitcoin payments, announced it has closed a $14.5 million Series A funding round led by Highland Capital Partners.

Also read: Acromobile And Bitnet Enable Mobile Merchants to Easily Accept Bitcoin Payments

Another new investor is Rakuten, the largest e-commerce site in Japan and one of the world’s largest by sales. The funding comes as Bitnet launches its platform and builds international teams for sales, marketing and customer support in North America, Europe and Asia.

Bitnet co-founder & CEO John McDonnell said:

“We are listening to the world’s largest merchants. Many of these bigger companies have looked at existing solutions and have remained on the sidelines – until now. With Bitnet, we’re building the integrations, systems and technologies that multi-national retailers and travel companies need in order to accept Bitcoin. Being scalable and integrating with existing payment systems and commerce platforms are what’s important to them. Uptime is critical, as are integrated reporting and reconciliation capabilities. Bitnet removes the risk of accepting Bitcoin, allowing merchants to take payments with zero liability – no fraud, no chargebacks, and no false declines. Bitcoin is digital cash, and it’s the first payment system specifically developed for the Internet. Merchants appreciate that, and they’re understandably very excited.”

Peter Bell of Highland Capital Partners said:

“John, Stephen, and the team they have assembled are the epitome of what we mean when we talk about partnering with innovative entrepreneurs who have the ambition to build disruptive, market-leading companies. Bitnet is breaking down the barriers of digital currency transactions and has the potential to transform the way we exchange goods and services around the world.”

Reliable Analytics and Integration with Systems Already in Place

Founded in January 2014 by John McDonnell (CEO) and Stephen Mc Namara (CTO), Bitnet specializes in reliable solutions for large clients with a high volume of payment transactions and complex back-end financial applications. Large retailers have already demonstrated demand for Bitnet’s solution, which allows for the acceptance of Bitcoin at 99.999% reliability and without risk – and is built to interface with the systems the retailers already have in place.

Bitnet’s platform includes developer-focused RESTful hypermedia APIs and SDKs, an easy to implement hosted Checkout product and prebuilt integrations to key third party software systems. Bitnet will also offer advanced analytics with programmatic access to reports designed to help automate merchant reconciliation within their accounting and ERP systems. In addition to large retailers, Bitnet is working with financial institutions, payment service providers, international trade organizations and airlines to provide Bitnet’s reliable, high-volume bitcoin payment acceptance solution.

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Images from Bitnet and Shutterstock.

Giulio Prisco @giulioprisco

Science writer, software developer, Bitcoin/crypto enthusiast.