With this second round of cash, the company has now reached a USD 2 billion valuation just four years after it was founded.
It intends to use the money to fund its global expansion, having already applied for licences in countries around the world, including the UK, Luxembourg, and Hong Kong.
One of the largest services providers to institutions in the crypto financial market, the company works in Bitcoin, Ether, and stablecoins.
The round was led by Jeneration Capital and 10T Holdings, and investors included crypto venture firms Dragonfly Capital, an existing shareholder, and Circle Ventures.
This year, the round comes as the crypto market is trying to recover from the USD 60 billion collapse of TerraUSD and Luna. Babel Finance has no exposure to these currencies and has emphasised a focus on the ‘long-term development of the industry’ to overcome the current uncertainties.
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