Paxos Raises $ 300M from Oak and PayPal Ventures

Paxos raised $ 300 million in its Series D funding round, raising its valuation to $ 2.4 billion.

We’re thrilled to announce – we’ve raised $ 300M in our Series D with a valuation of $ 2.4 billion, making us one of the fastest growing fintech startups in the world. Read more here: https://t.co/nAQvt8GkwB– Paxos (@PaxosGlobal) 

April 29, 2021

Oak led the round. Funding was also provided by former investors Declaration Partners, PayPal Ventures, Mithril Capital and others. 

According to the CEO of the startup Charles Cascarilla, the investments will allow the business to scale, including through acquisitions of other companies. 

In an interview with CoinDesk, the top manager said that the event was not timed to coincide with the receipt of a license from the national bank , but reflected the growing demand for Paxos services. 

“Rather, it is for the confidence of our partners that we will have enough resources on the horizon of five to ten years, and they will calmly continue to rely on our infrastructure ,” explained Cascarilla. 

Founded in 2012, the startup provides services for PayPal and Venmo , which opened up the possibility for customers to buy and sell cryptocurrencies. Other Paxos clients include Revolut , Credit Suisse and Societe Generale .

Cascarilla ruled out Paxos IPO. 

As a reminder, in December 2020, Paxos raised $ 142 million following the Series C funding round.

In April 2021, Paxos announced that it was preparing to apply for a clearing agency license .

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