GoSats, a bitcoin rewards network located in India, has secured US $4 million in a pre-series A fundraising round led by Y Combinator, Accel, and Gossamer Capital.
GoSats, founded by Mohammed Roshan and Roshni Aslam, was on sale to the general public in February of last year.
Customers may earn bitcoins as cashback from purchases made on the company’s platform, which includes its mobile app and GoSats prepaid card.
“GoSats enables variable cashback on every card spend. The bitcoin wheel is activated at every swipe. On spinning the wheel, the bitcoin rewards are credited instantly to your GoSats account,” the company explains on its website.
More than 150,000 people have signed up for the platform so far. According to sources, the company had onboarded 500 consumers as part of its trial before becoming public.
Last August, GoSats raised $700,000 in a seed round. The company was also a member of the inaugural batch of Atoms, a program operated by Accel that provides non-dilutive finance to pre-seed entrepreneurs.
GoSats intends to use the additional funds to expand its operations, which will include refining the product, onboarding new brands, and other initiatives. It also intends to provide a cryptocurrency-based rewards API service for businesses that will allow them to use cryptocurrency as loyalty points.
