Babel Finance Raises $80M, Valued at $2B in Series B Funding

Hong Kong-based Babel Finance has secured $80 million in a Series B funding round, valuing the crypto lender and asset manager at $2 billion. The round, led by Jeneration Capital, Circle Ventures, and 10T Holdings, brings Babel's total funding to $120 million within a year. Despite recent crypto market volatility, investors remain optimistic, seeing opportunities in the sector.

Babel Finance Secures $80 Million in Funding, Valuing Company at $2 Billion

Hong Kong, China - Leading cryptocurrency lender and asset manager Babel Finance announced today that it has successfully raised $80 million in a Series B funding round, valuing the company at $2 billion.

The round was led by Jeneration Capital, Circle Ventures, and 10T Holdings, with participation from existing investors Dragonfly Capital and BAI Capital. Notably, several family offices in the Asia-Pacific region also joined the funding round.

"We are delighted to have secured this strategic investment, which will enable us to further expand our offerings and enhance our position in the growing cryptocurrency industry," said Del Wang, Co-founder and Chief Executive Officer of Babel Finance.

Babel Finance, headquartered in Hong Kong, offers a range of services including crypto lending, trading, and asset management. The company focuses primarily on bitcoin, ethereum, and stablecoins, prioritizing risk management and compliance.

"The crypto financial market presents significant opportunities, but also inherent risks. Our focus at Babel Finance is on the long-term development of the industry, rather than short-term profit maximization," explained Wang.

Babel Finance has experienced notable growth since its previous funding round a year ago, when it raised $40 million. The company currently boasts a client base of over 500 customers and held loan balances of $3 billion on its balance sheet at the end of 2022.

To further strengthen its operations, Babel Finance has submitted applications for business licenses in several jurisdictions, including Hong Kong, Luxembourg, and the United Kingdom.

Despite recent volatility in the cryptocurrency market, investors remain optimistic about the industry's long-term prospects. This is evidenced by the recent announcement by venture capital firm Andreessen Horowitz, which raised $4.5 billion for its fourth crypto fund with the intention of investing in Web3 startups.

The successful fundraising underscores the growing maturity and institutional adoption of the cryptocurrency ecosystem. Babel Finance's latest investment will support its ambitious growth plans and contribute to the broader development of the industry.