back Back

Circle raises $440 mn in financing to drive market expansion and growth

By Pavithra R

May 31, 2021

  • America
  • Circle
Share

Circle raises $440 mn in financing to drive market expansion and growthCircle, a global financial technology firm that provides payments and treasury infrastructure for digital businesses has announced securing $440 mn in financing from leading institutional and strategic investors to drive market expansion and growth.

The financing fuels the company’s continued growth, organizational development and market expansion opportunities. The funding included investments from leading private equity, institutional and strategic investors, including Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection FinTech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC, as well as Michael J. Price and Friends.

On the heels of recruiting world-class leaders to Circle’s executive team, including Dante Disparte, as Chief Strategy Officer and Head of Global Policy, Jeremy Fox-Geen, as Chief Financial Officer (CFO), Mandeep Walia as Chief Compliance and Risk Officer, along with open roles across the U.S. and around the world, Circle is now poised to meet the global demand for its products and services aimed at marrying the existing financial system with breakthroughs in digital currency within payments and finance.

“As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of digital currency, blockchains and breakthroughs in programmable money. The sustained global demand for our services powering the growth of USDC, as the most trusted and well regulated dollar digital currency, signals that we are one step closer to achieving our mission. With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team,” said Jeremy Allaire, Circle co-founder and CEO.

Underpinning this growth is Circle’s principal contribution to the rapid rise of USD Coin, or USDC, as ta trusted and fastest-growing dollar digital currency, which now stands at $22 bn in circulation. USDC has grown by 436% in 2021 alone, and over 28,000% over the past 12 months.

“Circle has been a pioneer in unlocking the potential of blockchain-enabled payments. With USDC’s extraordinary growth, Circle has established itself at the center of a new generation of financial services and applications. We are proud to continue to partner with Circle to develop a better global financial system,” said Barry Silbert, Founder and CEO of Digital Currency Group.

“Circle has been an experienced player in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto. At FTX we’re excited to partner further with Circle to help expand these capabilities to all crypto users,” said Sam Bankman-Fried, CEO of FTX.

Founded in 2013, Circle is a global FinTech firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments and commerce worldwide. The firm has introduced next-generation payments processing APIs and has combined the benefits of stablecoins and blockchain with traditional forms of payments like cards and banks.

Previous Article

May 31, 2021

Atom & Funding Circle to provide £300 mn of new funding to SMBs

Read More
Next Article

May 31, 2021

Centrum Microcredit secures ₹ 75 crores through NCD Issuances

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

America

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

Fime to support set up of UAE’s domestic card scheme

Read More

April 18, 2024

RCBC & Digital Wallet Corporation to develop digital banking in Philippines

Read More

April 18, 2024

Alter Domus goes live on the Temenos Multifonds platform

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023