Simplex provides a payment-processing layer that lets customers buy bitcoin with credit cards while focusing on fraud reduction and absorbing chargeback costs for exchanges and brokerages. The company began beta testing about a year before the article and cites customers including Genesis Mining, Spectrocoin, and Bits of Gold. Simplex says its service has processed more than $3M in bitcoin purchases via credit card. Leadership cited in the article includes CEO Nimrod Lehavi and a CTO and CRO with prior PayPal experience, which the company highlights in support of its fraud-mitigation capabilities. The product promises faster liquidity for customers compared with wire transfers by fronting payments even in chargeback events. Financially, Simplex had previously raised $1.4M and, with the new round, has $8.4M in total funding.

Total raised

$7M

Funding rounds

1

Latest round

Series A

Latest activity

Feb 2016