Hong Kong-based Babel Finance has closed its Series A on $40m to support the development of its crypto finance platform.
The investment was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Bertelsmann and Tiger Global Management. Existing Babel investors also committed capital.
Babel Finance’s CEO Flex Yang said this is a critical step in its goal to offer more innovative products and provide better services for investors.
Founded in 2018, the company claims to be one of the world’s biggest crypto financial service providers. It offers crypto lending, asset management and prime financing to institutions and qualified investors around the world.
It is currently on a mission to meet institutional requirements around the world. This includes applying for licenses in North America, Europe and Asia.
Babel Finance partner Yulong Liu said, “Leveraging resources from our new investors, we will continue to invest heavily in compliance, technology infrastructure and talent acquisition, including channel partnerships and selected M&As.
“With increasing institutional participation, Babel Finance is well-positioned to bridge Eastern and Western crypto markets by providing best-in-class crypto financial services.”
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