Global Bitcoin P2P lending platform Bitbond has raised 600,000 euros in second tranche of angel funding. The platform’s total funding for the round has now reached 800,000 euros.
The prominent angel investors this time included Florian Heinemann and Uwe Horstmann (Project A), Christian Vollmann (early investor in ResearchGate), and Felix Jahn (co-founder of Home24).
Bitbond will utilize the funding to expand its customer base and make a highly pronounced impact on emerging markets.
Bitbond, which was introduced in 2013, has processed over 600 loans with the number of registered customers touching 10,000 from over 120 countries.
Radoslav Albrecht, founder & CEO of Bitbond said: “The additional resources will help us to continue realizing our mission which is to make lending and borrowing globally accessible. We are happy to have such experienced investors supporting us on this exciting journey.”
On the development, angel investor Christian Vollmann commented that, “Currently over 50% of small businesses are underserved by banks and don’t have access to credit. Bitbond provides a technological solution to this problem. It’s great to see such an innovative approach being developed in the Berlin startup scene.”
The International Finance Corporation of the World Bank estimates that the global credit gap of microenterprises and SMEs is approximately $2trillion. Bitbond, with its easy global lending policies, aims to fill this gap by providing Bitcoin loans to small and medium sized businesses.
Upon receiving its first funding in 2014, Bitbond made great technological strides by introducing exchange rate pegged loans to allow borrowers and lenders to minimize the risks associated with Bitcoin price fluctuations.
Bitbond allows small businesses – who need financing for their operations- list their loan request on Bitbond after successfully completing a credit check. The loans are then funded by individual and institutional lenders who charge interest on their Bitcoins.