Crypto

Circle secures $440M financing round to drive market expansion, scale growth

Circle, which builds payments and financial services on public blockchains, has raised $440 million in financing to scale its growth and to drive market expansion, the company announced in a blog post.

The latest capital injection will help fuel “the company’s continued growth, organizational development and market expansion opportunities,” the blog post read. The post did not include exactly where the financing came from or from which investors.

Circle recently recruited some new additions to its executive suite, including Dante Disparte, as Chief Strategy Officer and Head of Global Policy, Jeremy Fox-Geen, as Chief Financial Officer, Mandeep Walia as Chief Compliance and Risk Officer.

The company said that with these new hires, “along with hundreds of open roles across the U.S. and around the world, Circle is now poised to meet significant global demand for its products and services aimed at marrying the existing financial system with breakthroughs in digital currency within payments and finance,” it said in the post.

The Boston-based business has facilitated over 100 million transactions by over 10 million retail customers and more than 1,000 companies. The company is a principal developer of USD Coin, and along with Coinbase and the Centre Consortium looks over the standards and protocol for the dollar digital currency.

In other recent fintech news, European buy now, pay later giant Klarna is getting close to nabbing a funding round backed by SoftBank, along with other investors, that would value it at over $40 billion, CNBC reported citing a source. The size of the funding round isn’t known but it’s anticipated to be less than the company’s $1 billion raised in March, Business Insider reported.

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