Babel Finance, a Hong Kong-based global crypto financial service provider, raised $40M in Series A funding.
The round was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Bertelsmann, and Tiger Global Management, with follow-on participation from existing investors.
The company intends to use the funds to expand operations and its business reach.
Founded in 2018 and led by Flex Yang, CEO, and Del Wang, Babel Finance is a crypto financial service provider, offering crypto lending, asset management and prime financing to institutions and qualified investors worldwide.
As of February 2021, the company has served more than 500 institutional clients, and its crypto lending business has reached a balance of US$2 billion (in cryptocurrency). Combining financial innovation with prudent risk management, the company has a monthly trading volume of US$8 billion.