Cryptocurrency financial services company FalconX raised $210 million in a series C funding round last week following a revenue growth that was 30 times higher than its previous fiscal year.
The latest fundraise brings the fintech’s valuation to $3.75 billion, the company stated.
FalconX uses machine learning to provide institutions a single counterparty. Its credit business enables institutions to access short-term financing for trades, thereby filling the gap between long-term loans and derivatives markets for institutions. Although the company declined to name specific clients, FalconX did say it works with large financial institutions, asset managers, hedge funds and payment providers.
FalconX will use the money to hire across the organization, with a specific focus on engineering, product, and scaling up its sales and marketing, a company spokesperson said.
Altimeter Capital, B Capital Group, Sapphiretim Ventures, and Tiger Global Management led the funding round, with participation from Amex Ventures and Mirae Asset. Amex Ventures also increased its existing investment as part of this round. They join existing investors Accel, Accomplice VC, Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments.
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