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Crypto financial service provider Babel Finance has closed a Series B funding round worth $ 80 million, according to its results, the company’s valuation reached $ 2 billion.
Babel Finance closes US$80 million Series B fundraising round at US$2 billion valuation
Full article here: https://t.co/tYHcpGBlQD pic.twitter.com/xTvJnBodbD
— Babel Finance (@BabelFinance) May 25, 2022
The leading investors were Jeneration Capital and 10T Holdings. The firm was also backed by Circle Ventures, a number of family offices from Southeast Asia and current shareholders Dragonfly Capital and BAI Capital.
The main business areas of Babel Finance are crypto lending and trading with an emphasis on servicing institutional investors. The company has about 500 clients among them.
At the end of 2021, the firm recorded a balance of outstanding loans of more than $ 3 billion, the average monthly trading volume of derivatives based on cryptocurrencies was $ 800 million.
According to the statement, Babel Finance restricts operations to Bitcoin, Ethereum and stablecoins.
“In terms of short-term gains, the retail market and altcoins may have higher profit margins, but we are paying more attention to the long-term development of the industry and aim to lead in institutional financial services and innovation,” explained del Van, the company’s co-founder and CEO.
Such an approach allows not only to overcome market and regulatory uncertainties at an early stage of the industry’s development, but also to provide better protection for customers, he added.
In May 2021, the firm raised $40 million as part of a Series A funding round. Since then, the Babel Finance team has grown from 50 people to more than 170.
Recall that in September the company opened its headquarters in Singapore. The division was headed by an ex-employee of the Bank of Singapore Shanshan Yu.
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