Sequoia China-Backed Crypto Financial Services Firm Hits $2 Billion ValuationBabel Finance, a Hong Kong-based crypto lender and asset manager, has
secured $80 million from investors including crypto venture firms Dragonfly Capital and Circle Ventures, ramping up its valuation to $2 billion four years after it was founded.
Major investors of the round are Chinese tech-focused fund
Jeneration Capital, U.S. crypto private equity firm
10T Holdings, as well as existing backers that include
BAI Capital, the Asian investment arm of German media conglomerate
Bertelsmann.
Babel Finance said it will use the capital to
fund its global expansion plan. The startup added that it will bolster its compliance team and seek regulatory approval in the jurisdictions it operates. Babel Finance has applied for
licenses in Hong Kong, Luxembourg, Britain.
Babel Finance rode a wave of growing interest in cryptocurrencies last May, pulling $40 million in a funding round led by venture capital firm
Sequoia Capital China.
