Bitt, a Barbados-based fintech company, announced this week it closed its Series A investment round with an investment from retail giant Overstock.com of $16 million, placing the company’s valuation at $50 million. Founded in 2013, Bitt states it utilizes distributed ledger technology to improve speed, efficiency, and significantly reduces the costs of the payment system:
“The Bitt Wallet is the sole consumer access point to the entire Bitt ecosystem. It allows users to send and receive money globally, and process transactions from the convenience of their mobile device or computer. Users can simply enter the receiving party’s Bitt address (or have them scan a randomly generated QR code in person) to send money. This peer-to-peer money transfer system doesn’t rely on complicated correspondence communication chains or any centralized authority figure. All of the transactions are approved and held accountable by the Blockchain.”
Speaking about the investment in Bitt, Overstock.com CEO, Patrick M. Bryne, stated:
“Bitt has a vision for the Caribbean of frictionless mobile cash, beginning with central banks transparently issuing digital fiat which is then exchanged using a blockchain mechanism (with proper regulatory oversight). We respect and endorse that vision, and share a common desire to see online consensual exchange flourish globally.”
Bitt CEO and Co-Founder, Gabriel Abed, also commented:
“Regional small businesses find it financially prohibitive to offer online payment options to consumers and this places a drag on entrepreneurism in the Caribbean. Our aim is to use cryptography and digital ledger technology to turn our regional citizens into global citizens, giving them the ability to send or receive money directly via their phones, in seconds, from all corners of the globe.”
Oliver Gale, Bitt CFO and Co-Founder, then noted:
“Bitt’s financial technology revolution will bring to consumers a faster, better, cheaper and more traceable way of banking – and we now have a new, multi-billion dollar backed investor to help make this vision a reality. Bitt is bringing modern financial solutions to a region long denied efficient settlement systems.”
Bitt added it will use the newly secured funding to further develop its software suite which includes a digital asset exchange, a mobile money wallet, a remittance platform, and merchant payment processing tools. Additionally, Bitt will rapidly expand, growing its staff to meet the goals of providing a top-quality service that will encompass the entire Caribbean region.
