Strike

The firm's core business revolves around facilitating fast, low-cost global payments and providing Bitcoin services. Strike's primary service is a mobile application that allows users to send and receive money instantly, buy and sell Bitcoin, and make payments using the Lightning Network. It targets both individual consumers and businesses. For consumers, the app enables peer-to-peer transfers, cross-border remittances, and the ability to purchase goods and services. A key feature is "Send Globally," which allows users to send U.S. dollars that are then received as local currency in the recipient's bank or mobile money account in supported countries, leveraging the Lightning Network for settlement between currencies. This is designed to significantly reduce remittance fees compared to traditional services.

For business clients, Strike provides an API that allows merchants to accept Bitcoin payments, which can be settled instantly as cash. This integration offers an alternative to traditional card networks, aiming to lower processing fees and eliminate chargebacks. The company has secured partnerships with major e-commerce and point-of-sale platforms, including Shopify, Blackhawk, and NCR, to expand its merchant services. In October 2023, Strike introduced "Strike Private," a service catering to high-net-worth individuals, family offices, and institutions.

Strike's revenue model has evolved. Initially, it earned revenue from the spread on Bitcoin trades. More recently, the company transitioned to a transparent, tiered fee structure for U.S. customers, where fees decrease as a user's monthly trading volume increases. The long-term strategy also includes charging merchants lower processing fees than traditional payment networks like Visa and MasterCard. The company has stated it does not sell user data. Strike has successfully raised significant capital, including an $80 million Series B funding round in September 2022, to fuel its global expansion and partnership integrations.