Crypto-integrated business banking platform Dakota has obtained USD 12.5 million in a Series A funding round led by CoinFund.
In addition to CoinFund, the round saw participation from 6th Ventures (6MV) and Triton Ventures. With the newly acquired capital, Dakota is set to accelerate its objective to develop a globally accessible business bank account, merging the efficiency and transparency of stablecoins with the security of US Treasuries to enable modern, borderless finance.
Dakota’s offering and development strategy
Dakota focuses its operations on optimising how businesses move and store money across borders. The company’s platform allows organisations to hold and transfer funds across USD or stablecoins while accessing familiar payment rails, including ACH, Fedwire, SWIFT, and SEPA. Dakota utilises blockchain technology to support near-instant, verifiable transfers, keeping customer funds reserved under the client’s control. Since the start of its operations, the company has drawn in approximately 500 business customers, including tech startups and international non-profits.
By leveraging stablecoins as settlement rails and backing deposits 1:1 with US Treasuries, Dakota mitigates the counterparty and liquidity risks that have negatively impacted traditional banks, especially during recent crises such as the Silicon Valley Bank collapse.
Furthermore, with the Series A funding, Dakota plans to grow its product suite and geographic footprint. The company recently introduced corporate cards, enabling clients to spend their funds through virtual cards while setting custom spend controls for their teams. Additionally, it included support for the international SWIFT and SEPA payment networks besides US ACH and wire capabilities, seeking to simplify sending money abroad. At the same time, Dakota works on broadening its onboarding to customers across more than 100 jurisdictions, including in the UK, EU (under MiCA regulations), Singapore, and Latin America.
Commenting on the news, representatives from Dakota emphasised their company’s commitment to combining the familiarity of a bank account with the capabilities of crypto rails to provide users with a comprehensive and advanced experience.
