River Financial closed a $12 million Series A equity financing round.
The bitcoin financial services provider is based in San Francisco. It will use the funds to continue growing its financial service offerings for traditional investors.
Outstanding Growth in Demand
River Financial has previously raised $5.7 million in an investment seed round in June 2020. Since then, the firm’s client base has grown almost 600%. Order volumes increased by 3,500%. The company’s iOS app has also accounted for 30% of order volume in the five weeks since its release.
Founded in 2019, the company builds tools and offers services for long-term Bitcoin investors. Currently, River is heavily investing in team growth and product development.
“Bitcoin is on a trajectory to becoming a global reserve asset,” says co-founder and CEO Alex Leishman. “We are building the financial services that our clients will need for that future,” he added.
BTC to an Older Crowd
Some of River’s client services and traditional financial tooling include tax lot tracking and account statements. This makes it appealing to older clients who may find the technological aspects of adopting crypto to be intimidating and confusing.
The majority of River’s clients are over the age of 50. However, co-founder and COO Andrew Benson believes that the company’s services shouldn’t only be appealing to the older demographic. He is confident there is still a large underserved segment of the population, looking to invest in crypto, but struggling to make the hurdle.
“River’s mission is to bring bitcoin to investors around the world,” he said. “Even as global interest in bitcoin grows rapidly, most Americans over the age of 45 who want Bitcoin still don’t own any. River is helping to fix that by creating familiar, high-end financial solutions for investors who are new to bitcoin,” Benson concluded.
River’s flagship product, a BTC brokerage, provides retail investors with a high-end platform to buy and sell Bitcoin.
