Made-in-India payments startup Speed raises $8M from Tether and ego death capital

Speed1, Inc. (“Speed”), a global payments infrastructure company built on the Bitcoin Lightning Network, has raised $8 million in strategic funding from Tether, the issuer of USDT, and ego death capital, a venture fund focused on foundational Bitcoin innovation. 

Built by an India-based engineering team and designed for global markets, Speed aims to make Bitcoin and stablecoin payments instant, low-fee, and practical for everyday use. The new funding marks a key milestone as the company scales its Lightning-powered infrastructure to support real-world payments for enterprises and users worldwide, demonstrating how “made in India” technology can power the next generation of global financial rails.

Founded by brothers Niraj (Raj) and Jayneel Patel, Speed was born from a practical problem the founders encountered while building their previous company. Orderhive, a SaaS platform, helped thousands of merchants manage and automate ecommerce operations worldwide and later achieved a successful acquisition exit. Through that journey, the founders saw firsthand how slow settlement times, high fees, and fragmented payment systems created friction for businesses operating at scale.

“If crypto promised instant, global money movement, why did real-world payments still feel slow and expensive?” the founders often asked.

Speed was created to answer that question using the Bitcoin Lightning Network, an infrastructure designed for instant settlement and near-zero fees.

From a simple idea to a global payment network

Speed began with a straightforward goal: enable users and businesses to send, receive, and settle payments instantly. By building directly on Lightning, the company focused on making Bitcoin and stablecoins usable for everyday commerce rather than speculation.

What started as a merchant-first API has since evolved into a global payments platform that processes more than $2.5 billion in Bitcoin payment volume, comprising entirely of real-world transactions, such as merchant payments and peer-to-peer transfers. Today, Speed supports over 1.2 million users and is growing at more than 100% year on year, making Speed Wallet one of the fastest-growing Lightning-enabled wallets globally.

Powering merchants at enterprise scale

Speed’s enterprise offering, Speed Merchant, provides merchants, creators, and digital platforms with a unified infrastructure to accept Bitcoin and stablecoin payments. The platform offers instant settlement, ultra-low fees, and enterprise-grade compliance, allowing businesses to operate seamlessly across borders.

One of Speed’s most notable milestones came through its adoption by Steak ’n Shake, one of the earliest national restaurant chains to roll out Lightning payments at scale. Supporting high-volume transactions across point-of-sale systems, kiosks, and mobile required custom payment flows, deep integration with Acrelec kiosk systems, and high-availability infrastructure.

According to Speed, the successful rollout demonstrated Lightning’s viability in demanding real-world environments and reinforced the platform’s ability to meet enterprise operational standards.

Completing the payment loop with Speed Wallet

As merchant adoption increased, Speed expanded its focus to consumers and businesses that needed a simple way to store and move funds. This led to the launch and rapid growth of Speed Wallet, which enables instant Bitcoin and stablecoin transfers, global payouts, and USDT transactions over the Lightning Network—connecting merchants and end users within a single payment ecosystem.

Bringing stablecoins to Lightning

A key breakthrough for Speed came from integrating stablecoins into Lightning-based payments. The founders recognised that while Bitcoin enables speed and security, stablecoins provide price stability—both essential for everyday payments.

By becoming one of the first platforms to deeply integrate USDT with Lightning infrastructure, Speed enabled new use cases across ecommerce, gaming, creator payouts, and the global gig economy.

Why Tether and ego death capital backed Speed

Speed’s traction and execution attracted interest from major players in the Bitcoin ecosystem.

“Speed is showing what Lightning can achieve when paired with a stable, liquid digital dollar like USDT,” said Paolo Ardoino, CEO of Tether. “We support teams building practical infrastructure that reduces friction in payments and expands access to reliable settlement rails.”

Ego death capital echoed the focus on real-world utility. “Speed proves Bitcoin can power real commerce today—not years from now,” said Preston Pysh, General Partner.

What’s next for Speed?

With the new funding, Speed plans to scale its infrastructure, expand globally, enhance enterprise tools, and grow its Lightning-based developer and mini-app ecosystem. The company will also continue investing in compliance, reliability, and cross-border payout capabilities to support businesses and creators worldwide.

“We’ve always believed that Bitcoin and stablecoins can power everyday payments,” said Niraj Patel, CEO of Speed. “This investment validates that belief and accelerates our mission.”

Jayneel Patel added, “Speed started as a merchant solution and has grown into a global payment network. With Tether and ego death capital behind us, we’re ready for the next phase.”

As Speed moves forward, its focus remains unchanged: making Bitcoin and stablecoins fast, reliable, and accessible for real-world payments at global scale.