Paxos raises $300 million from Oak and PayPal Ventures

Paxos raised $300 million after a Series D round, valuing the company at $2.4 billion.

We’re thrilled to announce — we’ve raised $300M in our Series D with a valuation of $2.4 billion, making us one of the fastest growing fintech startups in the world. Read more here: https://t.co/nAQvt8GkwB

— Paxos (@PaxosGlobal) April 29, 2021

The round was led by Oak. Previous investors Declaration Partners, PayPal Ventures, Mithril Capital and others also participated.

According to CEO Charles Cascarilla, the investments will allow the business to scale, including through acquisitions.

In an interview with CoinDesk, the top executive said the event was not timed with the receipt of national bank license, but reflected growing demand for Paxos’s services.

“It’s more about giving our partners confidence that we will have enough resources over a five-to-ten-year horizon, and that they will continue to rely on our infrastructure,” said Charles Cascarilla.

Founded in 2012, the startup provides services for PayPal and Venmo, which opened for clients the ability to buy and sell cryptocurrencies. Among Paxos’s other clients are Revolut, Credit Suisse and Societe Generale.

Cascarilla ruled out Paxos going public via an IPO.

As reported in December 2020, Paxos raised $142 million in a Series C round.

In April 2021, Paxos said it was preparing to apply for a clearing agency license.

Follow ForkLog news on Twitter!