Cryptocurrency brokerage firm River Financial has raised $17.3 million in an equity sale, according to the recent documents filed with the U.S. Securities and Exchange Commission (SEC). The filing also reveals that the firm intends to raise nearly $500,000 in additional funding for a total of nearly $17.8 million. A team of 34 parties has contributed to the funding, although their identities are not known at the time.
The CEO of River Financial, Alexander Leishman, has suggested that the brokerage company is considering pursuing additional funding and that the company has already submitted documents to the U.S. SEC regarding the same. The regulatory agency requires private companies to notify the regulator for equity sales within 15 business days of the first sale in a round.
Meanwhile, it’s not still known if the $17 million figure includes funds from the $5.7 million seed round River completed last July with backings from Castle Island Ventures, Slow Ventures, and other VCs. The recently filed documents with the SEC indicate that River Financial completed its first sale of the round on Jan. 28, 2021.
River Financial mainly serves Bitcoin maximalist and has in the past insisted it manages a brokerage service, not just a cryptocurrency exchange.
The firm’s equity filing comes as the cryptocurrency brokerage is on a massive hiring spree across compliance, client acquisition, and engineering, with at least seven positions, according to the website. Its recent job posting indicates that the cryptocurrency company is looking to build new services for its iOS app. The intention behind this is to take a step-up in its account security while developing a performance reporting feature.
Earlier this month, River Financial launched a mobile app for iOS that makes use of Apple’s security features, such as face ID while allowing clients to instantly buy Bitcoin without waiting for fiat funding to settle.