Fold secures up to $150M loan to expand Bitcoin rewards card

Bitcoin-focused financial services app Fold has secured a four-year, senior secured revolving credit facility of up to $150 million from Encina Lender Finance, according to a GlobeNewswire press release. The loan, collateralized by consumer credit card receivables, will be used to expand the issuance of its Bitcoin credit card without equity dilution. The card, which operates on the Visa network, offers users up to 4% back in Bitcoin rewards on purchases.