TBW - Alexandre Roubaud (Bitstack): "AG2R La Mondiale's investment confirms the institutionalisation of bitcoin"

The Big Whale: A year after raising €5 million, you're capping a $15 million Series A round. What is your objective?

Alexandre Roubaud: There are three priorities behind this round. Firstly, international expansion. Until now, Bitstack was only present in France. With MiCA approval, we're going to launch in around ten European countries, including Germany, Spain, the Netherlands and Italy.

Then, product development. We are launching a euro account with a French IBAN to deposit part of your salary, convert it into bitcoin and make instant payments. This account is backed by an innovative Visa card: it offers instant rounding and stackback, a reward in bitcoin of up to 1% on all spending, with no cap.

Finally, the team. We are going to grow from around thirty to over fifty employees by the end of 2026 to support this growth.

Are you profitable?

We do not wish to communicate on this subject.

In addition to your historical investors, AG2R La Mondiale has invested. What signal does this send?

It's a strong signal. AG2R wants to target a younger customer base and diversify its savings and asset management offerings. In practical terms, AG2R has already started to steer its customers towards Bitstack via its partner space. When a customer asks "I've heard of bitcoin, what should I do?", they now have a direct solution. Eventually, we aim to enable millions of AG2R customers to save directly in bitcoin from their customer space.

Will this investment close any doors for you with other players?

Not at all. There is no exclusivity clause. On the contrary, it's a clear message: institutional players in traditional finance are making a concrete commitment to bitcoin. For Bitstack, it's proof that we can work with leading players.

Your offering is limited to bitcoin. Is it set to change?

No. We have a strong conviction: there is bitcoin and the rest. Bitcoin is a long-term savings asset, ideal for protecting purchasing power and financing life goals. This approach is perfectly aligned with AG2R's wealth management mission.

Why an account with a French IBAN and a Visa card? Is the aim to become a "bitcoin mini-bank"?

The account and card serve our promise: to enable everyone to save in bitcoin effortlessly. The card introduces two mechanisms never before seen in Europe:

• Instant rounding, which automatically converts every payment into bitcoin.
• Stackback, up to 1% cashback in bitcoin, with no cap.

If you've never bought a bitcoin, we'll give them to you.

Any figures on accumulated savings?

In one year, our active customers have grown from 100,000 to 300,000, with more than €300 million saved in bitcoin.

What's the next step in your business model?

Three axes:

1/ Integrating bitcoin with traditional finance: via the account and card, we link traditional payment services and bitcoin in a single app.

2/ Democratising bitcoin: stackback is the first step, with other features to follow.

3/ Saving bitcoin on two levels: horizontally, developing innovative features; vertically, integrating bitcoin into traditional savings products (life insurance, PEA...).

We are also exploring bitcoin-backed loans, to enable people to finance projects without selling their bitcoins.

Does this require partnerships with credit institutions?

Collaborations with players like AG2R would make sense.

Could Bitstack's ambition be to become a credit or payment institution?

Our aim is to build all financial products around bitcoin. We want to be the leader in bitcoin savings, and then offer solutions for financing everyday life via bitcoin-backed loans. Ultimately, we aim to become the largest bitcoin financial institution in Europe.

How do you position yourself in relation to the banks?

Today, we are first and foremost a bitcoin savings player. If bitcoin becomes a central asset, our pioneering role puts us in a position to compete with traditional banks, with significant outstandings and the ability to develop innovative savings and credit products.

Do your customers keep their bitcoins with Bitstack or in self-custody?

The majority, well over 50%, entrust their bitcoins to us. They are looking for simplicity, security and accessibility, which makes regulation essential.

You want to expand in Europe. Which market are you targeting?

We are targeting around ten countries, including Germany, Spain, Portugal and the Netherlands. The current 300,000 customers are exclusively French.

You are launching a euro account and a Visa card. Is your aim to become the main account for your customers?

Yes, as and when features are developed. Automatic conversion of salary into bitcoin will protect purchasing power and make Bitstack the main account for those who want it.

Will the card be available outside France?

Eventually, yes, in all the countries where Bitstack will be present.

Up to 1% cashback in bitcoin: how is this possible?

As a card issuer, we recover interchange and can pay out up to 1% in bitcoin, with no cap. This is an industry standard, but rarely offered in Europe on a debit card.

Trade Republic, Revolut, Deblock which has just raised €30 million, including from Commerzbank.... Without even mentioning the Exchnges, isn't the market saturated?

There are a lot of players, but our positioning is unique: two-thirds of our customers are first-time buyers. Bitstack is the simplest, most accessible and secure solution for buying bitcoin in France. More than 80% of French people know about bitcoin, but only 10% have bought any: that's our opportunity and what makes us so successful.