Top FinTech funding rounds in the Americas: July 2021

By Pavithra R

Tracking FinTech investments provides a better perspective on the competitive and strategic trends in the industry. The article list top funding announcements that were made this month.

FTX

FTX Trading, owner and operator of FTX.COM, a cryptocurrency exchange announced the closing of a $900mn Series B fundraise, valuing the company at $18 bn.

The company is planning to use the finance to expand its global presence, accelerate the company’s growth, and represents one of the largest raises for a crypto company.

The funding round saw participation from over 60 investors including Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, and Circle.

iCapital Network

iCapital Network, the leading global FinTech platform driving access and efficiency in alternative investing for the asset and wealth management industries, has announced raising  US$440 mn to fuel continued client success. The investment brings the company’s valuation to approximately $4.0 bn.

The funding round was led by Temasek with participation from new investors Owl Rock, a division of Blue Owl Capital; MSD Partners, L.P.; Noah Holdings and Golub Capital. Additional commitments came from existing investors WestCap, Ping An Voyager Partners, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management.

The firm will use the proceeds from the capital raise to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities.

Fireblocks

Fireblocks, building a transparent, efficient, and fraud-free financial system for blockchain-based assets, has announced raising $310 mn in Series D funding.

The investment round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to $2 bn.

Since its inception, Fireblocks has raised a cumulative total of $489 mn from the leading global VCs in the fintech, blockchain and cybersecurity space including Cyberstarts, Eight Roads, Tenaya Capital, Swisscom, Paradigm, Ribbit Capital, and Coatue.

Figure

Figure Technologies, transforming financial services through the power of blockchain technology, has announced closing its Series D fundraise of $200 mn at a $3.2 bn valuation. The FinTech company is planning to use finance to fuel its mission of leveraging blockchain to reinvent the financial services industry.

The finance round saw participation from new investors including entities and funds managed and/or advised by affiliates of Apollo Global Management, Blockchain.com, Rockaway Blockchain, HOF Capital, Endeavour Capital, National Bank Holdings, Goldentree Asset Management and L1 Digital.

Mercado Bitcoin

2TM Group, the parent company of Mercado Bitcoin, the leading cryptocurrency exchange in Latin America, has announced that Mercado Bitcoin has secured $200 mn USD from the SoftBank Latin America Fund. The investment values 2TM Group at $2.1 bn USD, making it the eighth-most valuable unicorn in Latin America.

The fundraise represents the largest Series B round in Latin America’s history and SoftBank’s largest investment in a LATAM crypto company. Mercado Bitcoin will use the finance to increase its scale, expand its offerings and invest in infrastructure to meet the soaring crypto demand in the region.

The new funding round will enable Mercado Bitcoin to grow its team to 700 by the end of 2021, as well as accelerate growth across 2TM Group’s portfolio, which will include digital wallet provider MeuBank, subject to regulatory approvals. In 2021, 2TM Group plans to launch Bitrust, the first digital custodian in Latin America, subject to regulatory approval.

Also, read Emerging Technologies in Capital Markets Report 2021