Babel Finance raises $80 million at a $2 billion valuation

Crypto-financial services provider Babel Finance has closed a US$80 million Series B round. The round valued the company at US$2 billion.

Babel Finance closes US$80 million Series B fundraising round at US$2 billion valuation

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— Babel Finance (@BabelFinance) May 25, 2022

Leading investors were Jeneration Capital and 10T Holdings. The firm was also backed by Circle Ventures, a number of Southeast Asian family offices, and existing shareholders Dragonfly Capital and BAI Capital.

The company’s main lines of business are crypto lending and trading, with a focus on servicing institutional investors. The company counts around 500 clients, including institutional investors.

By the end of 2021 the firm raised $40 million in a Series A round. Since then, Babel Finance’s headcount has grown from 50 to more than 170.

Earlier, in September the company opened its headquarters in Singapore. The unit was led by former Bank of Singapore employee Shanshan Yu.