Business
Posted: 10 months ago

CityPay.io Secures Over €2 Million in Seed Funding to Expand Crypto Payment Solutions

In a strategic move to cement its foothold in the crypto-payment ecosystem, CityPay.io, Georgia's pioneering crypto-payments company, has successfully concluded its Seed funding round, amassing more than €2 million in capital investments.

Notably, the funding influx comes from an impressive roster of international and Georgian investors, including heavyweights like Tether and Presto Ventures.

Accelerating Market Penetration and Platform Development

The influx of capital will primarily be channeled towards expanding CityPay.io's operations in the Commonwealth of Independent States (CIS) and additional global markets. Furthermore, the company intends to expedite the development of its B2C platform, bolstering its already diverse array of crypto-payment options.

Founded in 2020 by entrepreneurs Eralf Hatipoglu and Beka Kemertelidze, CityPay.io has swiftly ascended as the regional vanguard in facilitating businesses to accept cryptocurrency payments. With a portfolio of four versatile payment and receipt methods for both businesses and individuals, the firm has made significant strides in democratizing crypto-based transactions.

Robust Client Portfolio and Growing Influence

As of 2021, CityPay.io has already cultivated partnerships with over 700 businesses spanning multiple countries. This includes esteemed partnerships with industry giants such as Radisson Hotels, Wendy's Georgia, and supermarket conglomerate Fresco, among a slew of other international and regional brands.

"For the past two years, CityPay.io has been an instrumental force in shaping the crypto-market landscape in Georgia and beyond," said Eralf Hatipoglu, co-founder of CityPay.io. "We are profoundly grateful for the vote of confidence from Presto Ventures and Tether as we strive to make cryptocurrency a ubiquitous payment method."

Strategic Backing from Tether and Presto Ventures

Tether, one of the world's most prominent stablecoins, marks its foray into the CIS market with its investment in CityPay.io. Concurrently, Prague-based Presto Ventures specializes in galvanizing startups in Central and Eastern Europe, rendering its backing a significant coup for CityPay.io.

"We believe that this investment will empower CityPay.io to further consolidate its market leadership while broadening the overall cryptocurrency ecosystem," remarked Roman Novacek of Presto Ventures.