Estonian crypto startup Striga acquired by US-based Lightspark
Estonian startup Striga, which develops infrastructure for cryptocurrency payments, has been acquired by US payment platform Lightspark. The amount of the deal has not been disclosed. This is an exit for YCombinator, Rhombuz VC, and other investment companies that invested in Striga in 2021.
Striga is an Estonian startup founded in 2018 and based in Tallinn. The company has created a platform for cryptocurrency businesses that need traditional banking infrastructure. For example, the platform can be used to issue virtual and physical cards linked to cryptocurrency and fiat money. The founder of Striga is Prashanth Balasubramanian.
Lightspark is a cryptocurrency payment platform founded in 2022 in the United States. The company is based in West Hollywood, California. Lightspark uses the Lightning Network on the Bitcoin blockchain for global payments in any currency. The platform allows for instant and cheap transactions, overcoming the limitations of traditional payment systems. Thanks to the merger, Lightspark can now obtain new e-money and MiCA licenses in Europe and enter the European market.
Y Combinator is an American startup accelerator and venture capital fund founded in March 2005. It operates as a business incubator for small companies in the information technology sector.
Rhombuz VC is a venture capital firm that focuses on digital business models in the fintech, media, and consumer goods sectors. The company was founded in 2016 and is headquartered in San Francisco.
