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Funding · Financial Services

Speed raises $8 million from Tether Ventures for expansion

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Date
Company
Speed
What it does
Bitcoin-based global payment platform
Kind
Funding
Amount
$8 Mn (INR 72.1 Cr)
Stage
Series A
Based in
Las Vegas
Founded
2021
Sector
Financial Services

What they do

Speed is a digital payment platform built on Bitcoin's Lightning Network

What happened

The company raised $8 Mn led by Tether Ventures to scale globally

Why it matters

It serves 1.2 Mn users with over $1 Tn annual transaction volume

The details

  • Speed has raised $8 Mn (INR 72.1 Cr) in funding.
  • Tether Ventures led the investment round for the startup.
  • Ego Death Capital participated as an investor in this round.
  • The funds will accelerate Speed's global expansion and infrastructure scaling.
  • Speed aims to create a cross-border ecosystem for creators and gig workers.
  • The company plans to launch a new developer platform for developers.
  • Speed will enhance regulatory compliance amid restrictive blockchain laws globally.
  • This funding supports innovation in merchant tools and payment processing.

The bigger picture

  • Speed operates on Bitcoin’s Lightning Network for fast off-chain transactions.
  • The startup targets the growing need for compliant crypto payment solutions.
  • Founders have prior success with Orderhive acquired by Cin7 in 2021.
  • Global crypto regulations remain murky, making compliance a key focus area.

About the business

  • Speed provides a global digital payment platform using Bitcoin technology.
  • It enables peer-to-peer payments via Bitcoin and stablecoins instantly.
  • Merchants receive one-second settlements through its Lightning Network integration.
  • The platform offers low-cost and compliant global payment processing.
  • Speed launched a wallet in 2023 for merchants and individuals.
  • The service supports cross-border transactions for freelancers and creators.
  • Speed claims to process over $1 Tn in annual transaction value.
  • The platform handles 10 Bn Bitcoin or stablecoin payments annually.
  • Speed reports having 1.2 Mn users across the globe.

What happens next

  • Speed plans to scale its payment infrastructure globally.
  • The company will launch a developer platform for third-party apps.
  • Speed intends to innovate merchant tools for better usability.
  • The startup aims to improve regulatory compliance across markets.

The deal

Type
funding

Investors

  • Tether Ventures (lead) — Tether’s investment arm focused on blockchain and crypto projects.
  • Ego Death Capital (co-lead) — A venture capital firm focused specifically on Bitcoin investments.

Founders

  • Neeraj Patel, Co-founder and CEO
  • Jayneel Patel, Co-founder

About Speed

Customers
Merchants, gig workers, creators, and developers seeking fast, low-cost international payments.
How it makes money
Charges transaction and processing fees on crypto and cross-border payment settlements.
What sets it apart
Leverages Bitcoin's Lightning Network to execute instantaneous, low-fee off-chain transactions globally.

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