Circle Internet Said Valued at $480 Million in Latest Financing

  • Series D funding said to increase valuation from $250 million
  • Circle raised $60 million with backing from Breyer Capital

Circle Internet Financial is valued at $480 million after completing a Series D funding backed by investors including Baidu Inc., according to people with direct knowledge of the matter.

The post-money valuation has jumped from $250 million after the company raised $60 million in the financing round, the people said, asking not to be identified as the matter is private. Circle announced its funding Thursday without detailing a valuation.

Founded in 2013, Boston-based Circle uses bitcoin’s blockchain technology so customers can instantly send payments in a message that can be accompanied by emojis or GIFs, taking a page from Tencent Holdings Ltd.’s Wechat and Alibaba Group Holding Ltd.’s Alipay.

Other participants in the social payments app latest funding round include IDG Capital Partners and Sam Palmisano, former chairman of International Business Machines Corp. Breyer Capital, CICC Alpha, China Everbright Ltd. and Glenn Hutchins, the co-founder of Silver Lake Management, also joined the round.

In 2015, Circle raised $50 million in a funding round co-led by Goldman Sachs Group Inc. and IDG Capital.

Earlier this year, Barclays Plc partnered with Circle to start processing dollar-sterling transfers. The company will soon support consumers in Spain as part of a European-wide rollout, the company said. It has also established an independent company in China.

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