Dakota raises $12.5m to scale business banking

July 17, 2025

Dakota, a digital asset-integrated business banking platform, has raised $12.5m in a Series A funding round to further its ambition of modernising global business banking.

The round was led by CoinFund, with additional backing from 6th Man Ventures (6MV) and Triton Ventures. The new capital is aimed at expanding Dakota’s international footprint and accelerating product innovation.

Founded by former employees of Coinbase, Square and Airbnb, Dakota is building what it claims to be the world’s first globally accessible business bank account. Its offering combines the speed and transparency of stablecoins with the security of U.S. Treasuries, enabling cross-border business payments.

Dakota’s platform allows customers to move funds across USD and stablecoins, while still using traditional rails like ACH, Fedwire, SWIFT, and SEPA. Its backend uses blockchain infrastructure to support secure transfers and keep client assets fully reserved and under customer control.

The company plans to use the fresh capital to broaden its product offering, grow its team, and expand internationally. New features include corporate cards with team-level spending controls, along with expanded support for international networks. Dakota has also opened access to customers in over 100 countries, including the UK, EU, Singapore and Latin America.

Since its launch in 2023, Dakota has onboarded over 500 business clients, processing billions of dollars in annualised transactions. Its model, which backs deposits 1:1 with U.S. Treasuries, aims to mitigate counterparty and liquidity risks that have become more visible following events like the collapse of Silicon Valley Bank.

Dakota CEO Ryan Bozarth said. “Companies are increasingly default global and they’re being hamstrung by slow wire transfers, limited banking access, and the reality that once money goes into a bank, customers lose control.

“Our goal with Dakota is to bring banking into the internet age — giving businesses the ability to move money as instantly and freely as information travels, without sacrificing security or compliance.”

CoinFund CIO Alex Felix said, “We believe stablecoins can revolutionize business banking. Dakota is unlocking that potential by combining the familiarity of a bank account with the power of [digital asset] rails. They’re not asking mainstream businesses to change how they operate — they’re upgrading the engine under the hood.”