Babel Finance, a Hong Kong-based crypto financial service provider, announced on Monday it secured $40 million through its Series A funding round, which was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Bertelsmann, with participation from Tiger Global Management.
Founded in 2018, Babel Finance claims to be one of the world’s largest crypto financial service providers, offering crypto lending, asset management, and prime financing to institutions as well as qualified investors worldwide. The company provides various professional crypto-asset financial services, which include cryptocurrency deposit and loan, asset management, brokerage, and derivatives strategies.
“The total asset under management by Babel Finance now exceeds 500 million US dollars (equivalent in cryptocurrency) and ranked as the leading player in the industry.”
Flex Yang, CEO of Babel Finance, shared more details about the investment round by stating:
“The alliance with our new investors from traditional finance is a critical step for us to offer more innovative products, strengthen compliance controls, and ultimately provide a full suite of reliable services to meet the growing demand from mainstream investors who are keen to add crypto assets in their portfolio.”
In regards to what the Series A funds will be used for, Yulong Liu, Partner, and Head of Global Partnerships of Babel Finance, added:
“Leveraging resources from our new investors, we will continue to invest heavily in compliance, technology infrastructure and talent acquisition, including channel partnerships and selected M&As. With increasing institutional participation, Babel Finance is well-positioned to bridge Eastern and Western crypto markets by providing best-in-class crypto financial services.”