Babel Finance Raises $40M From Zoo Capital, Sequoia Capital, Tiger Global

Crypto-lending startup Babel Finance has raised $40 million in a Series A funding round led by Zoo Capital, Sequoia Capital China, Tiger Global Management and other investors.

• The round marks the first steps into Asia’s crypto finance industry for Zoo Capital, BAI Capital and Tiger Global Management, according to an announcement Monday.
• As of February, the China-based startup had lent $2 billion worth of cryptocurrency to more than 500 institutional clients, up from $380 million in March 2020.
• Babel’s derivatives business has a monthly trading volume of $8 billion.
• The investment will be used to acquire relevant licenses in markets worldwide, including North America and Europe, to offer crypto financial products to mainstream investors, the firm said.
• “Babel Finance aims to become a global powerhouse at scale and bandwidth in the industry matching our counterpart DCG in the U.S.,” Babel Finance co-Founder Del Wang said.
• Digital Currency Group (DCG) is the parent company of CoinDesk.

See also: Babel Finance Is Letting Crypto Mining Firms Use Machines as Loan Collateral