Babel Finance, a crypto-financial service provider, today announced the completion of its Series A funding of USD $40 million. The round was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital, Bertelsmann, and Tiger Global Management; with follow-on participation from existing investors.
As of February 2021, Babel Finance reports to have served more than 500 clients; and its crypto lending business has reached an outstanding balance of USD $2 billion. This investment marks a debut in Asia’s crypto finance industry for Zoo Capital, BAI Capital, and Tiger Global Management.
“Continuing the momentum from last year, Babel’s growth will be further fueled by financings, investments, M&As, and strategic partnerships with investors that are aligned with our vision.”
– Del Wang, Co-Founder of Babel Finance
Looking ahead, Babel Finance is committed to offering crypto financial products under their respective compliance regimes. To better meet institutional requirements, the firm has devoted significant resources towards global compliance, including applying for relevant licenses in North America, Europe, and Asia.
“We are pleased to partner with Babel Finance, and this investment marks Zoo Capital’s first initiative in the crypto industry. I believe our global network and experience will provide valuable support for Babel Finance to build a sophisticated gateway for the traditional market.”
– Bowen Wang, Head of Crypto at Zoo Capital
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Source: https://www.cryptoninjas.net/2021/05/10/crypto-services-provider-babel-finance-secures-40m-in-series-a-round/
