Flexa raises $14.1 million to accelerate retail blockchain adoption

Flexa, a blockchain startup that streamlines payments between buyers and sellers, has raised $14.1 million to develop a payments network for retailers. The funding, which precedes the public launch on May 13, 2019, was led by by Pantera Capital, 1kx, Nima Capital, Access Ventures, and other strategic partners.

Founded in 2018 by Tyler Spalding, Trevor Filter, Zachary Kilgore, and Daniel McCabe, Flexa team brings decades of experience building consumer payments products to bear on the nascent and thriving ecosystem of cryptocurrencies and digital assets. Based in New York, the Flexa network enables retailers to take control of their own payments by reducing costs, overhead, and fraud through frictionless, instantaneous, and reliable blockchain-based settlement. Flexa’s upcoming mobile app also helps customers make practical use of the cryptocurrencies they already own, unlocking the hundreds of billions of dollars stored in the global crypto ecosystem.

“The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa’s going to change that, and very quickly,” said Tyler Spalding, Co-Founder and CEO of Flexa. “With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”

“Flexa is one of those extremely rare applications in the cryptocurrency space that actually touches consumers in an impactful way while also solving a major problem of high fees in payments today,” said Joey Krug, Chief Investment Officer at Pantera Capital. “I’m excited to see people actually be able to spend their crypto!”