BlockFi is looking to hire a CFO ahead of possible IPO in 2021

Source: The Block 2020-07-10

Quick Take

BlockFi is on the hunt for a chief financial officer
The new hire could help bring the company public as early as the second half of 2021, CEO Zac Prince told The Block

Crypto lender BlockFi is looking to snap up a veteran corporate financial professional to spearhead a possible public market debut in 2021.

According to a recent job posting, the company is seeking a chief financial officer with over 15 years of experience in corporate finance with a background in financial markets and the public markets. The person would manage investor relations and "guide and position the finance team for late-stage investment, acquisition, and/or IPO." BlockFi chief executive officer Zac Prince told The Block the firm could go public as early as the second half of 2021.

A source familiar with the matter told The Block the firm is speaking with potential investors for an additional funding round.

"Fortunately, we are continuing to successfully implement our strategy of never slowing down," Prince said.

BlockFi raised $30 million in a Series B funding round led by Peter Thiel's Valar Ventures, a well-known fintech investor, in February. Other backers include Morgan Creek Digital, Arrington XRP Capital, and Castle Island Ventures.

Indeed, the company will need deep pockets if it is to successfully execute on its vision of creating a full-scale consumer bank for crypto with services ranging from trading to lending to high-yield savings.

As it builds its business, the firm has made a series of hirings, including a former American Express vice president, Wittney Rachlin. Rachlin was hired to spearhead the launch of a BlockFi bitcoin credit card. The firm was on track to launch its first round of cards in the fourth quarter of 2020, Prince told The Block at the time of Rachlin's hire.

The firm has enjoyed some recent success, saying in a company blog post this month that it is "on track to generate $50 million in revenue" over the next 12 months. Prince told CoinDesk in an email that "monthly revenue has grown four times since Dec. 19 and doubled from the beginning to end of Q2."

Still, as is often the case with young startups, the firm has hit some snags. Most notably, it suffered a data breach in May, which resulted in the exposure of information pertaining to a large portion of its retail clientele. The company said it was the result of a SIM card swap attack on a BlockFi employee's cell phone number.

BlockFi

BlockFi is looking to hire a CFO ahead of possible IPO in 2021

Quick Take

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