Bleap Gains $2.3 Million In Funding, Revolut Eyes Growth
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Two former Revolut workers have raised $2.3 million in pre-seed funding to build Bleap, an app for stablecoins with its debit card.
Revolut wants to grow its crypto platform, Revolut X, by adding 30 new markets in the European Economic Area. This platform lets users access over 200 digital tokens. Revolut is also building a stronger team for business deals, showing interest in buying other companies.
Ethereal Ventures spearheaded the funding round, which also attracted investments from Maven11, Alliance DAO, Robot Ventures, and Credibly Neutral.
Users Can Send Money Globally Without Fees And Receive Funds Instantly
Several angel investors also participated, including senior figures from Revolut, OKX, EigenLayer, Phantom Wallet, and Consensys. The funds raised pushed Bleap’s valuation to $10 million after the round.
Bleap was founded by Guilherme Gomes and Joao Alves, both ex-Revolut workers. It offers a wallet where users hold their funds. It works with a Mastercard debit card, letting people spend stablecoins without extra costs for changing money.
The app was first imagined in July 2023, to combine the benefits of blockchain with traditional banking. Alves, who once led Revolut’s card program, said they wanted a banking app far better than current options.
Gomes, who headed various product teams at Revolut, stated that blockchain allows them to create experiences that traditional financial systems cannot offer.
The app also supports accounts with different currencies and higher savings rates than most banks. This is made possible by stablecoins and decentralized finance. Users can send funds globally, instantly, and without fees.
Bleap is built on the Ethereum Layer-2 network Arbitrum, offering fast, gas-free transactions. Instead of traditional seed phrases, it uses cloud storage and social logins through PortalHQ’s Multi-Party Computation technology.
The App’s Wallet Supports Stablecoins Like USDT, USDA, USDC, and EURA
Alves explained that when a user signs a transaction, their device uses one part of their key while a backup is retrieved from PortalHQ. The app encrypts and stores the user’s key share on Bleap’s server while sending the password to their email and storing it in the cloud.
This removes the need for seed phrases, as only the user knows the password. If a phone is lost, accounts can be recovered using two-factor authentication and the backup password. Alves also noted that full key exports for offline storage are also available.
Bleap’s smart wallet supports stablecoins like USDT, USDA, USDC, and EURA. Currently, it operates only on Arbitrum, with no plans to expand to other networks. However, Bleap’s ramp and bridging features support Arbitrum, Ethereum, Polygon, BNB, Solana, and Bitcoin.
The app also lets users purchase cryptocurrencies on supported networks and send them directly to an external non-custodial wallet, according to its website.
