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FTX Trading closes $900M series B fundraise

Funding roundup: Cryptocurrency exchange’s valuation tops $18B

Myra ThomasbyMyra Thomas
July 23, 2021
in Banking, Payments
Reading Time: 2 mins read
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A cryptocurrency exchange marks a milestone in the sector this week, with a series B fundraise of $900 million announced Tuesday. Meanwhile, investors continue to show interest in investment and open banking platforms, as well as spend-management fintechs. Here is the list of these and other notable fundraises this week from Bank Automation News.

FTX Trading

Photo by CanStock

FTX Trading, owner and operator of the cryptocurrency exchange FTX.COM, announced this week a $900 million series B fundraise, now valuing the company at $18 billion. The Hong Kong-based crypto company launched in 2019 with such products as derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk.

The investment was led by the company’s own ventures team, with help from Paradigm, Ribbit, and BTIG. “It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners,” Sam Bankman-Fried, CEO of FTX, noted in a statement.

Titan

Titan, a mobile-first investment platform provider, announced Tuesday a $58 million series B funding round, led by Andreessen Horowitz, with participation from existing investors, including General Catalyst, BoxGroup and Ashton Kutcher’s Sound Ventures. The round also featured participation from several professional athletes and celebrities, including Kevin Durant, Odell Beckham Jr., Jared Leto and Will Smith.

Titan is planning to use the funds to build out its “underlying platform and suite of investment products, alongside scaling core functional team,” the New York-based company noted in a statement.

Yapily

Yapily, an open banking infrastructure provider, announced Wednesday the first closing of its $51 million series B funding round led by Sapphire Ventures, with a second closing subject to regulatory approvals, for a total investment to date of $69 million.

“The funding will be used to extend Yapily’s open banking coverage to 95% of the continent by the end of the year,” Yapily founder and CEO Stefano Vaccino told Bank Automation News. “This requires investing in our people, particularly expanding the engineering team over the next 12 months and our market-leading infrastructure, to ultimately pave the way for open finance.”

Soldo

UK-based Soldo, a pay-and-spend automation platform, announced Wednesday an oversubscribed $180 million series C funding round, led by Temasek. According to the company, the fundraise constituted a European record in the spend-management category. Funds will be used to accelerate product development and market expansion across Europe, the company noted in a statement.

Tags: cryptocurrencyFintech Fundingfundingopen bankingPremium
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