Media reports Copper plans to raise $500 million at a $2.5 billion valuation

The London-based custody service Copper has begun talks with investors about participating in a Series C financing round. According to Business Insider, the amount raised could reach $500 million, with a valuation of $2.5 billion.

The process is expected to be completed by the end of the year.

In May the firm raised $50 million from Target Global and Dawn Capital. In June the custodian received an additional $25 million from Brevan Howard Asset Management of Alan Howard.

Copper provides prime-brokerage services, as well as settlements and custody. In the latter case the firm employs multi-party computation (MPC).

According to the service, it serves the interests of around 400 institutional investors. Offices are in London, New York, and Singapore.

In October, the company’s adviser became Philip Hammond , the former British Chancellor of the Exchequer.

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