Bleap, a Blockchain-Based Debit Card Startup, Secures $2.3M Pre-Seed Funding

Bleap, a U.K.-based crypto startup led by former Revolut employees, has raised $2.3 million in pre-seed funding to revolutionize spending with digital currencies. The funding round, announced on November 28 via the platform X (formerly Twitter), was spearheaded by Ethereal Ventures, with additional backing from prominent investors such as Maven11, Alliance DAO, Robot Ventures, Credibly Neutral, and several angel investors.

This latest round of funding values Bleap at $10 million, marking a significant milestone for the startup's ambitions in blockchain-based financial services.

Building a Blockchain-Connected Bank

Bleap aims to transform how cryptocurrencies are used in everyday transactions. Positioned as a "bank on the blockchain," the startup integrates a wallet-connected debit card with the power of blockchain technology. Designed to cater to crypto-savvy users, Bleap’s card—powered by Mastercard—allows seamless spending of stablecoins like USDC without any conversion fees. It also offers a 2% cashback reward, making it one of the most attractive crypto-linked debit card offerings.

The technology underpinning Bleap is just as innovative as its offerings. The startup leverages Arbitrum, an Ethereum Layer-2 scaling solution, to ensure faster and cheaper transactions. It also uses multi-party computation (MPC) to enhance wallet security, giving users control over their assets while minimizing risks.

MiCA Compliance and Global Expansion

Bleap is taking significant steps to position itself as a compliant and scalable financial solution in the global market. As a registered virtual asset service provider (VASP) in Poland, the company is building its platform with Europe’s Markets in Crypto-Assets (MiCA) regulatory framework in mind. MiCA, expected to become a cornerstone for cryptocurrency regulation in the European Union, provides a robust foundation for scaling operations across the continent.

Beyond Europe, Bleap has ambitious plans to expand into Latin America by 2025, tapping into a region with growing crypto adoption. The startup's beta phase is currently underway, with a full-scale launch scheduled for Q1 2025. A proprietary token is also in the works, set for rollout in 2026, further solidifying Bleap’s ecosystem.

Competing in a Growing Market

The launch of Bleap comes at a time when crypto-linked debit cards are gaining traction worldwide. In September, Mastercard announced its partnership with crypto payment provider Mercuryo to introduce a Spend debit card for European users. This card enables seamless payments in Bitcoin (BTC) and other tokens stored in self-custodial wallets, usable across over 100 million merchants globally.

Bleap’s focus on stablecoins and fee-free transactions differentiates it from competitors, as many crypto debit cards still charge conversion fees. By combining cost-efficiency with user-centric benefits like cashback, Bleap aims to carve out a significant market share.

Founders and Vision

Founded by Joao Alves and Guilherme Gomes, Bleap is the brainchild of former Revolut employees who identified the untapped potential in crypto-enabled financial services. Their vision is to create a seamless bridge between traditional finance and blockchain, empowering users to spend their digital assets with the same ease as fiat currencies.

The team’s announcement on X emphasized their commitment to building a better financial system, stating:

“We’ve raised $2.3M in pre-seed funding to build Bleap—a bank on the blockchain! 🚀”

The Road Ahead

With its sights set on full-scale deployment, regulatory compliance, and global expansion, Bleap is poised to be a game-changer in the crypto payments landscape. Its innovative approach, bolstered by strong investor confidence, could pave the way for a new era of financial services where crypto

becomes a mainstream spending tool.

As the competition in the crypto debit card space heats up, Bleap’s ability to execute its vision under MiCA regulations and expand into emerging markets like Latin America will determine its long-term success. The startup’s progress will be closely watched as it takes the next steps toward becoming a major player in the crypto-fintech ecosystem.