Growth
Finance
Finland
Last updated January 18, 2018
Prasos is the leading bitcoin broker in the Nordics with expected revenue of 3.0 MEUR for the current financial year. Main services: Coinmotion, Denarium & Bittiraha.fi. The goal is to expand internationally and make bitcoin investing mainstream.
Growth
Stage
11
Employees
2012
Founded

Business & market

Prasos Oy is the leading Bitcoin service provider in the Nordic countries. Our business focuses on the exchange of cryptocurrencies and asset management. The company was founded in Jyväskylä in 2012. Our founding team has high technical expertise in the field of public blockchain technologies. Our CEO Henry Brade is an internationally known expert in cryptocurrencies and blockchain technology. Our company combines technological know-how, passion and commercial vision of the development of the industry. This is also reflected in the commercial results: our turnover has increased every year since the establishment of the company. In the current financial year, revenue is multiplying and the company is currently highly profitable.

Business & market

Prasos is the leading Bitcoin service provider in the Nordic countries and we currently serve more than 50,000 customers. The services of the company include Coinmotion investment platform and Bittiraha.fi news portal among others. Bittiraha.fi is the industry's leading Finnish website. In addition to cryptocurrency related news, blogs and discussion forums, it also offers bitcoin exchange service, invoice payment service and salary payment service.

We also maintain the most significant Bitcoin ATM network in the Nordic countries; Bittimaatti. In addition to the exchange services, we also have an internationally renowned Denarium brand under which we manufacture physical bitcoins.

  • The total exchange volume in our services has exceeded EUR 80 million

  • At monthly basis, we are currently handling orders for approximately EUR 8 million

  • 50,000 customers and over 300,000 processed transactions

Our revenue consists mainly of exchange commissions. Our 2015 revenue was € 340,000, in 2016 we reached € 822,000 (+ 142%). In the current financial year, we expect to grow to EUR 3 million (+ 270%) in 2017. Our goal is to continue strong growth and achieve 5-6 X revenue over the next three years. Until now, our growth has come mainly from the domestic market. Growth in the European market has begun through our Coinmotion investment platform.

Our business is currently highly profitable, but in order to reach ambitious growth plans, we need additional funding. Our business is well-established. It is the right moment to invest in growth throughout Europe and build more sophisticated investment products and services. In a rapidly growing market, market shares will be given to the fastest and most hungry players over the next 3-5 years.

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Our team

Henry Brade

CEO

LinkedIn

Henry is one of the founders of Prasos and has been in charge of daily operations from the beginning. Henry is considered one of the most important Bitcoin specialists in Finland. Henry has five years of experience in the management of a growth company.

Joel Kaartinen

CTO

LinkedIn

Joel is the technical expert in our team and he is responsible for the technical solutions in Prasos Oy's services. Joel`s knowledge level about the blockchain technology is very high and, alongside his work, he actively follows the development of various projects in the sector.

Heidi Hurskainen

Commercial Director

LinkedIn

Heidi is responsible for sales and marketing development. She is actively involved in business development and coordinates the company's internationalization process. She has ten years of experience in a European commercial bank in tasks involving investment planning.

Our story

The founders of the company were acquainted with Bitcoin at the beginning of 2011 and started to mine bitcoins as private individuals. At that time, the sector was still under development and the price of one bitcoin was under $10. Information about bitcoin was available only in English and the idea of developing a new business was born. Everything started with the Bittiraha.fi news portal, whereby interested people were also able to buy and sell bitcoins.

The business started to grow significantly and in 2013 Prasos launched the Bittimaatti network, which is today the most significant Bitcoin ATM network in the Nordics. In 2015, the company started the production of physical bitcoin coins under the Denarium brand. In that area we are a global leader. In 2016, the management decided to invest in the acquisition of the company's most significant local competitor: Coinmotion. Under Prasos, Coinmotion service surpassed Bittiraha's turnover in the summer of 2017, and is now the company’s largest service.

During the past years, we have hired to Prasos people with very versatile know-how. Our team consists now of 15 people. Four of the nine founders are employed by the company and additionally two are members of the Board of Directors. Company advisors and investors include experts from the Bitcoin sector and experts in the strategic management of major international technology companies.

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Funding & Documents

Prasos Oy has raised 2.72M EUR in 2 funding rounds with a latest valuation of 14.26M EUR

Funding rounds
Date Amount
Jan, 2018 2.499.266 EUR
May, 2015 223.192 EUR
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