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Fold Raises $13 Million to Offer Bitcoin Rewards

Leading Bitcoin rewards app, Fold, has recently completed a $13 million series A investment round led by Craft Ventures, with participation from M13, Slow Ventures and Bessemer Venture Partners. The proceeds will be used to cultivate Fold’s growth.

Since Fold’s launch in 2019, over 250,000 joined the waiting list for the bitcoin cashback debit card.

Fold is looking to offer its bitcoin cashback debit card to all US residents. In lieu of points and airline miles that are common in most card programs, Fold offers a gamified way to earn bitcoin rewards that encourages healthy financial habits. After each qualifying purchase, cardholders are eligible to spin a rewards wheel, which includes rewards such as a 100% cashback in bitcoin or even a whole bitcoin.

We’ve pioneered bitcoin rewards to make bitcoin accessible to everyone. Between the appreciation of bitcoin and our generous rewards, people have earned more money in their Fold rewards account over the last few months than they have in the savings accounts they’ve been building for years.

 

Will Reeves, CEO of Fold

More than 20,000 cardholders took part in the Fold Card early access program with nearly $100 million in transactions since launch in last year’s November.

Will and the Fold team are transforming personal finance, making it more fun and more rewarding. People don’t want points they can’t price, transfer or easily redeem. People want Bitcoin.

 

Brian Murray, Partner at Craft Ventures

Fold will be using capital to build out their rewards platform that allows all credit and debit cards in the US to offer bitcoin rewards. Moreover, Fold is looking to offer a bitcoin rewards credit card in the latter half of 2021.

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