Easy Crypto, a crypto exchange located in New Zealand, has secured $11.75 million (17 million New Zealand dollars) in Series A investment in preparation for a possible initial public offering (IPO). The financing was spearheaded by Nuance Connected Capital, a venture capital firm. This has set a new record in the island country for the highest Series A financing from a local business.
Janine Grainger, the company’s CEO, and co-founder said in an interview with the New Zealand Herald that operating in the coastal crypto industry made it tough to raise early-stage funding.
The investment round is a big step forward for the company. The money will go into product and technology development, talent acquisition, and expansion into new areas in the Philippines and Indonesia to serve the unbanked.
Icehouse Ventures, Pathfinder, GDP Venture (Indonesia), Even Capital, Seven Peaks Ventures, and Hutt Capital (USA) were among the local and international firms that participated in the round. It was oversubscribed by 50%.
Siblings Alan and Janine Grainger launched Easy Crypto in 2017 and have already earned $760 million (1.1 billion NZD) in sales. They have a client base of over 150,000 people across Australia, New Zealand, Brazil, and South Africa. The portal offers selling and buying solutions for a lot of digital assets, along with a selection of Ledger and Trezor hardware wallets.
According to the firm, Easy Crypto made $3.46 million (5 million NZD) in revenue the previous financial year, and it expects to more than surpass that number this year. Its client base has increased by almost five times in the last year.