The Boston-based company Circle Financial has just finished a new $60 million Series D funding round from a conglomerate of Chinese investors. The firm also announced its global expansion plans starting with China.
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Encircling the Globe
The startup Circle a Bitcoin-based service has done well for itself since its inception in 2013. The company has raised $60 million USD on June 22 from Chinese investors such as the Beijing-based IDG Capital, Breyer Capital, Wanxiang, Fenbushi Capital, CreditEase, Sam Palmisano, former Chairman and CEO of IBM, and Glenn Hutchins, the co-founder of SilverLake. Following Circle Financials $50 million Series C on April 30, 2015, it now gives the company a grand total of $136 million.
Alongside the latest capital injection, the company has explained it will be focusing in on a Beijing-based subsidiary called Circle China. The business states that the new venture aims to bring “the benefit of open, global, blockchain-powered social payments to Chinese consumers.” Circle explains they are inspired by Chinese markets and mention companies such as Alibaba and Tencent.
“We all have a lot to learn from innovators in China,” the Boston firm said.
Dr. Feng Xiao, vice chair and executive director of Wanxiang Holdings stated in the announcement:
As an important Chinese partner and shareholder of Circle, we highly recognize the achievements Circle has made globally. Circle is an outstanding blockchain technology startup. We believe it will have a bright future in both China and in the world. We are looking forward to build a prominent presence in China with Circle.
While Circle is not yet offering a product to China it is focused on building the Beijing sector with its Chinese investors slowly. The company says that people may have noticed that while building in the U.S. and recently in the U.K. they want to ensure they are fully compliant with the laws and regulations of each region they service. Circle seems very optimistic about its strategic partners in China, and its Euro expansion even mentioning the idea of a Circle Global.
The company has also announced it has received its EEA E-Money Issuer license from the U.K. Financial Conduct Authority alongside its New York Bitlicense. The latest conquest in European region has enabled the launch of the Circle service in the UK, which supports the Pound Sterling. Shortly the firm will launch Circle Euro offering services to Spain and a whole “European-wide rollout to come over the coming month.” Eventually, if Circle succeeds with its global expansion goals, the company will be able to service “2+ billion consumers who will share value.”
“We are very happy to be part of the team and to support Circle in this next phase of growth and expansion,” Jim Breyer, Founder & CEO of Breyer Capital said. He continued:
Circle’s powerful take on blockchain-powered social payments has attracted leading financial institutions and consumer Internet companies in China who are throwing their support behind the company’s global vision for an open Internet of value exchange.
Capital investments into the Bitcoin environment are showing steady growth in 2016. Circle is certainly one of the top funded firms in the industry alongside other heavyweights such as Coinbase. The company believes that by continuing its global expansion it will soon close the ’circle’ so consumers can “all be able to exchange value the same way we share content, information, and messages on the internet.”
What do you think about Circle’s latest Chinese expansion and funding? Let us know in the comments below.
Images courtesy of Pixabay, Circle websites