CEO, Marwan Forzley, described the business as, "Align takes the payor’s currency, exchanges it into bitcoin, and then exchanges the bitcoin to the payee’s currency. In this way, the startup avoids the cumbersome bank wire transfer process." The round was let by Kleiner Perkins. This is Kleiner's first bitcoin related investment.
Marwan Forzley, founder and CEO of Align Commerce Align Commerce Align Commerce Corp.’s use of bitcoin is invisible and almost irrelevant to its business customers. And that’s how the startup wants to keep it. The San Francisco company, which is announcing today that it has raised a $12.5 million Series A round led by Kleiner Perkins Caufield & Byers, is one of an emerging class of bitcoin-based companies that rely on the digital currency behind the scenes. It’s being used as a tool to provide an improved financial service–in Align’s case that’s cross-border payments for small businesses.