Babel Finance Raises $80M in Series B, Reaches $2 Billion Valuation

Babel Finance, the world's leading wholesale crypto financial services provider, announced the completion of a $80 million Series B financing round at a valuation of US$2 billion.

The main investors in this round include Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Other investors include Circle Ventures and a number of family offices in the Asia-Pacific region.

Commenting on the decision to invest in Babel Finance's Series B financing round, Jason Tan, Partner and Chief Investment Officer of Jeneration Capital, said: "The institutional investor market is in its early stages of participating in the crypto asset class. It requires both commitment to risk management and professionalism to build trust in the ecosystem. Babel Finance is becoming an important node in the crypto ecosystem, enabling existing and new participants to thrive in this flourishing asset class."

"Babel Finance has opened up a market with high barriers to entry and great value in the emerging field of institutional investor services in crypto," said 10T CEO and Managing Partner Dan Tapiero. "Babel Finance has built a laudable reputation as a highly specialized and trusted crypto financial institution, maintaining its leading position among the institutional client-focused market."

Since the firm's US$40 million Series A funding in May 2021, Babel Finance's team has grown from around 50 people to over 170 currently. The firm has opened a new office in Singapore and applied for relevant licenses in Hong Kong, Luxembourg, the United Kingdom, and other countries and regions around the world, and has obtained business qualifications in many jurisdictions.

Source: Finextra