Sequoia, Tiger Global Boost Crypto Bet With Chinese Lender Babel
- Firm’s $40 million round is latest in series of crypto deals
- Babel Finance has $2 billion in active outstanding loans
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
Babel Finance, a Chinese startup offering financial services to cryptocurrency clients, raised $40 million from investors including Sequoia Capital China and Tiger Global, the latest in a spate of venture capital deals fueled by Bitcoin’s rally.
The Series A fundraising is led by Zoo Capital, Sequoia Capital China and Dragonfly Capital, and joined by Tiger Global and BAI Capital, the firm said Monday, without disclosing its valuation. Its new backers will help Babel expand across Asia, North America and Europe, the startup added. As of February, Babel has served about 500 institutional clients and its core lending business has reached $2 billion in active outstanding loans.