Circle raises $440m in financing to drive expansion
US-based fintech Circle has announced it has raised $440 million in financing to fuel the company’s continued growth, organisational development and market expansion opportunities.
Circle claims the raise will allow the company to meet “significant global demand” for its products and services, aimed at marrying the existing financial system with breakthroughs in digital currency within payments and finance.
The news comes hot on the heels of the firm’s recent partnership with cryptocurrency exchange FTX.
The fast-growing exchange has since integrated Circle APIs and launched USD Coin (USDC) payments support across its FTX and Blockfolio services.
The supply of the USDC stablecoin now stands at more than 22 billion and has supported over $615 billion in transactions over the past year.
Circle has also been busy building out its leadership team, with the arrival of former senior director of global risk and compliance for PayPal, Mandeep Walia, as chief compliance and risk officer, as well as Jeremy Fox-Geen as chief financial officer, and Dante Disparte as chief strategy officer and head of global policy.
Since its launch in 2013, Circle says its platform has supported more than 100 million transactions by more than 10 million retail customers across 1,000 businesses.